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TAX RELIEFS ON AGRICULTURAL LAND

Important amendments under Capital Gains Tax & Wealth-tax provisions under the Finance Act 2013  Section 2(14) of the Income-tax Act, which defines ‘capital asset,’ excludes from within its purview an agricultural land situated in India at a place having a population of less than 10,000 as per the last preceding census or at an area not comprised within any municipal limits or within a prescribed distance from...

TAX LIABILITY ON AGRICULTURAL LAND!

Total Exemption from Wealth Tax & Gains Tax Concessions subject to fulfillment of conditions Today, we shall discuss two interesting Readers’ Queries on taxability of agricultural land under wealth tax and capital gains tax. Query: I am holding a large piece of agricultural land situated just outside the limits of Ahmedabad Municipal Corporation (AMC). I have always been under the impression that agricultural...

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