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
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