Agriculture land
This query is : Resolved
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.
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.
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
28 April 2012
i also accept this views of MR.Amol
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