Capital Gains is taxable under section 45 (1) Section 54 relates with the capital gain exemption on sales of a house. Movable assets like car,refrigerator television etc are exempted from capital gains tax Rural agricultural land is not regarded as capital asset. Rural land if 10,000 – 1,00,000 = 2 KM 1,00,000 – 10,00,000 = 6 KM 10,00,000- Above Read More …