Agriculture land

This query is : Resolved

parveen (Querist)
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26 April 2012 dear all

can anyone explain me does sale of agriculture land come into capital gain or not & does any kind of tax liability is to be arise.

Amol S Joglekar

Amol S Joglekar (Expert)
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27 April 2012 Agricultural Land is regarded as CAPITAL ASSET if it falls within a distance of 8 kms from municipality, corporation cantonment board OR located in a village having population of 10,000 or more as per latest census. If your agricultural land is capital asset then it is taxable otherwise EXEMPT

MANOJ KUMAR SHARMA

MANOJ KUMAR SHARMA (Expert)
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28 April 2012 i also accept this views of MR.Amol