29 March 2015
Agriculture land situated in urban area is a Capital assets.Hence, taxable but section 10(37) exempt capital gain arising from transfer of Agriculture land situated in urban area if certain condition are fulfilled which is laid down in said section.
Basically the said exemption is broadly available in case of compulsory acquisition under any law or the transfer is one for which the consideration is determined or approved by the CG or the RBI subjected to fulfilling the other conditions also laid down in said section.
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