31 January 2014
If my agriculture land is situated in a village which population exceeds 10000 then that land is capital asset or not And what is the meaning of cantonment board as per income tax
In any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year, is capital assets taxble under capital gain head.
Definition of cantonment board - as per The Cantonments Act, 2006 is means Cantonment Board constituted under this Act.
Definition of cantonments - (1) The Central Government may, by notification in the Official Gazette, declare any place or places along with boundaries in which any part of the Forces is quartered or which, being in the vicinity of any such place or places, is or are required for the service of such forces to be a cantonment for the purposes of this Act and of all other enactments for the time being in force, and may, by a like notification, declare that any cantonment shall cease to be a cantonment.
(2) The Central Government may, by a like notification, define the limits of any cantonment for the aforesaid purposes.
(3) When any place is declared a cantonment under sub- section (1), the Central Government shall constitute a Board within a period of one year in accordance with the provisions of this Act: Provided that the Central Government may, for the reasons to be recorded in writing, extend the said period of one year for a further period of six months at a time: Provided further that the Central Government may, until a Board is constituted, by order make necessary provisions for the efficient administration of the cantonment.
(4) The Central Government may, by notification in the Official Gazette, direct that in any place declared a cantonment under sub- section (1) the provisions of any enactment relating to local self- government other than this Act shall have effect only to such extent or subject to such modifications, or that any authority constituted under any such enactment shall exercise authority only to such extent, as may be specified in the notification.
Cantonment Board.- (1) For every cantonment there shall be a Cantonment Board. (2) Every Board shall be deemed to be a municipality under clause (e) of article 243P of the Constitution for the purposes of- (a) receiving grants and allocations; or (b) implementing the Central Government schemes of social welfare, public health, hygiene, safety, water supply, sanitation, urban renewal and education.
Incorporation of Cantonment Board.- Every Board shall, by the name of the place by reference to which the cantonment is known, be a body corporate having perpetual succession and a common seal with power to acquire and hold property both movable and immovable and to contract and shall by the said name, sue and be sued.
Constitution of Cantonment Boards.- (1) Cantonments shall be divided into four categories, namely:- (i) Category I Cantonments, in which the population exceeds fifty thousand; (ii) Category II Cantonments, in which the population exceeds ten thousand, but does not exceed fifty thousand; (iii) Category III Cantonments, in which the population exceeds two thousand five hundred, but does not exceed ten thousand; and (iv) Category IV Cantonments, in which the population does not exceed two thousand five hundred. (2) For the purposes of sub- section (1), the population shall be calculated in accordance with the latest official census, or, if the Central Government, by general or special order, so directs, in accordance with a special census taken for the purpose.
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