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Whether income derived from the sale of agricultu…

Whether income derived from the sale of agriculture land situated in urban area constitutes agricul…

Whether income derived from the sale of agriculture land situated in urban area constitutes agriculture income?

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Jeeba Jun. 21, 2018

No, any income derived from the sale of agriculture land as a profit or gain on shall not be treated as agriculture income. Rather it is a capital gain or loss and chargeable to the tax under head capital gain.