573 results for “capital gains”+ Section 148(2)clear
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section 2(14) of the Act. According to the Ld. A.R., the sale of agricultural land outside municipal limit is to be treated as agricultural land and should be exempted u/s 10(1) of the Act. However, the A.O. held that, the land was converted for non- agricultural purposes before execution of sale deed, therefore, it is a capital asset