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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

Posted by Rajesh Chandra Sharma on Jun 22, 2024

Filed Under Income from Other Sources

Answer ID : 85455

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.

Posted by CA. chunauti dholakia on Jun 25, 2024