Long term capital gain - nature of land sold - The income ...

Land Sale Reclassified as Capital Asset, Subject to Capital Gains Tax Due to Lack of Agricultural Activity.

October 1, 2020

Case Laws Income Tax AT

Long term capital gain - nature of land sold - The income returned in her Return of Income was an agriculture income was just for name sake and does not have any proportion. At the time of sale of land, no agriculture activity was carried out by the assessee. Accordingly we hold that the property sold by the assessee is not an agricultural land and to be treated as a capital asset liable to be taxed. - AT

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Long term capital gain - nature of land sold - The income ...

Land Sale Reclassified as Capital Asset, Subject to Capital Gains Tax Due to Lack of Agricultural Activity.

October 1, 2020

Case Laws Income Tax AT

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