Question ID : 44670

Sec.56 (2)(Vii)

"Agriculture Land In Rural Area" is covered in "Immovable property" for the purpose of Sec 56 (2)(Vii) or not

Meaning of "property" as defined in section 56 starts with "capital asset". As rural agricultural land is not capital asset, it will not be covered under "immovable property" for the purpose of section 56(2)(viii) of the Act.