Section 2(14)(iii)

Authorities that bear on section 2(14)(iii). Each one tells you what it decided and what to do if it applies to you.

Section 2(14)(iii) — the law in short

What the courts have decided on section 2(14)(iii), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

Girdhari Lal v ITO ITATHelps departmentSuperseded by amendment
The land is recorded as agricultural in the revenue records. Is that enough to keep it outside s.2(14)?

No. The Tribunal upheld the addition. The land lay within eight kilometres of municipal limits, no crop had been grown on it in the years before sale, and the sale deed itself described it as residential land with structures on it, so it was a capital asset under s.2(14) and s.50C applied to the consideration.

Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.

Section 2(14)(iii) — 1 entry

Girdhari Lal v ITO

The land is recorded as agricultural in the revenue records. Is that enough to keep it outside s.2(14)?

ITATHelps departmentSuperseded by amendments.2(14)s.2(14)(iii)s.45s.50C

Explained in this library

What section 2(14)(iii) does, in plain English, before you read what the courts made of it.

Rural agricultural land is not a capital asset at all

I sold the family field. Is there any capital gain to declare?

Section 2(14)(iii)

Section 2(14)(iii) — the law in short

Section 2(14)(iii) — 1 entry

Girdhari Lal v ITO

Explained in this library

Rural agricultural land is not a capital asset at all