Tax is chargeable on the capital gains arising from the transfer of a 'capital asse' u/s 45 of the Income-tax Act, 1961.

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..... O. 1014/CBDT Dated : September 30, 1976 Section(s) Referred: 2(14) Statute: Income - Tax Act, 1961 Under Section 45 of the Income-tax Act, 1961, tax is chargeable on the capital gains arising from .....

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..... l land'. The Board are of the view that rubber trees standing on agricultural land cannot be regarded as agricultural land. Hence, profit arising from the transfer of such trees will be chargeable to .....

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