Respected Experts,
Rural Agricultural Land is not a Capital Asset, hence capital gains are not applicable on its sale.
Then under which head such income is taxable?
- If it falls under "Income from Other Sources"?
- or is it not taxable?
If the provisions of Sec. 43CA are applicable on sale of Rural Agricultural Land ?
Please enlighten me.
Rural Agricultural Land is not a Capital Asset, hence capital gains are not applicable on its sale.
Then under which head such income is taxable?
- If it falls under "Income from Other Sources"?
- or is it not taxable?
If the provisions of Sec. 43CA are applicable on sale of Rural Agricultural Land ?
Please enlighten me.