agricultural land situated in a area beyond 2 kilometers from the local limits of municipality which has a population of less 1 lacs . is sale proceeds of such land is liable to tax under capital gain . if so how to show the proceeds of sale in a return of income
27 September 2021
If the land is beyond 2 KM measured aerially, form the local limits of the municipality, having population less than 1 lakh, it will be treated as Rural Agricultural Land, as per sec. 2(14) of IT act. No capital gain liability over its transfer/sell.
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