Capital asset - rural agricultural land
This query is : Resolved
26 September 2016
Hi,
Agricultural land not situated under the jurisdiction of municipality or cantonment Board, but beyond 8 kms of local limits of municipality or cantonment board with population of more than 10 lakhs is deemed to be agricultural land u/s 2(14).
Is this statement correct?
If so, does it mean, an agricultural land if it is located at 9 kms from the nearest municipality jurisdictions with population of 15 lakhs can be treated as an agricultural land and hence not a capital asset u/s 2(14)?
Agricultural land not situated under the jurisdiction of municipality or cantonment Board, but beyond 8 kms of local limits of municipality or cantonment board with population of more than 10 lakhs is deemed to be agricultural land u/s 2(14).
Is this statement correct?
If so, does it mean, an agricultural land if it is located at 9 kms from the nearest municipality jurisdictions with population of 15 lakhs can be treated as an agricultural land and hence not a capital asset u/s 2(14)?
26 September 2016
in any area within the distance, measured aerially,—
(I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.
(I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.
26 September 2016
I read it. But I didn't understand. Could you please elaborate?
26 September 2016
the land situated beyond 8 kilometers of any municipality etc. having a population of more than 10 lakh.
The example which you cited...the land is agricultural and the capital gain is exempt, since it is not a capital asset
The example which you cited...the land is agricultural and the capital gain is exempt, since it is not a capital asset
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