About section 50c of income tax

bhaskararao donepudi (Querist) 27 January 2016 This query is : Resolved
sir

Income tax act section 50c is exempted on sale of Agricultural land or not. please clarify if not apply ,refer case please,
thanking you

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Anirudh (Expert) 27 January 2016
I do not know why you suddenly got this doubt.

Sec. 50C has application in regard to transfer of 'capital asset' being land or building or both.

In terms of Section 2(14)(b)(iii) Agricultural land in India is not a 'capital asset'.

What you should be more concerned is whether the land in question is really 'Agricultural land' as per Sec. 2(14)(b)(iii).