Agricultural Land Outside Notified Municipal Limits Lacking Commercial Conversion Is Not a Capital Asset
Agricultural Land Outside Notified Municipal Limits Lacking Commercial Conversion Is Not a Capital Asset Issue Whether a parcel of land sold by the assessee constitutes a “capital asset” under Section 2(14) of the Income-tax Act, thereby attracting capital gains tax, when the land is located outside notified municipal limits, is classified as agricultural in revenue… Read More »