Capital gain
This query is : Resolved
09 October 2013
what is the capital gain tax
in case where rural agricultural land is sold by a company??
in case where rural agricultural land is sold by a company??
10 October 2013
as long as the land was in use for agriculture, no capital gain tax liability.
10 October 2013
In Accordance with Section 2{14}Any transfer Urban Agricultural land is taxable under Capital Gain,
Whereas Rural Agricultural land as it not under the purview of Capital Asset, Any transfer of such rural agricultural land is exempt from the tax...
Whereas Rural Agricultural land as it not under the purview of Capital Asset, Any transfer of such rural agricultural land is exempt from the tax...
10 October 2013
However,please NOTE:
It is to be noted that earlier only notified areas were covered under the scope of agricultural land, now however the definition covers all areas whether notified or not. Moreover various limits are proposed for land to qualify as agricultural land. A land will be considered as an “agricultural land” if it is not situated in any area within the distance, measured aerially of not being more than:
1. two kilometers, from the local limits of any municipality or cantonment board and which has a population of more than ten thousand but not exceeding one lakh; or
2. six kilometers, from the local limits of any municipality or cantonment board and which has a population of more than one lakh but not exceeding ten lakh; or
3. eight kilometers, from the local limits of any municipality or cantonment board and which has a population of more than ten lakh..
regards,
It is to be noted that earlier only notified areas were covered under the scope of agricultural land, now however the definition covers all areas whether notified or not. Moreover various limits are proposed for land to qualify as agricultural land. A land will be considered as an “agricultural land” if it is not situated in any area within the distance, measured aerially of not being more than:
1. two kilometers, from the local limits of any municipality or cantonment board and which has a population of more than ten thousand but not exceeding one lakh; or
2. six kilometers, from the local limits of any municipality or cantonment board and which has a population of more than one lakh but not exceeding ten lakh; or
3. eight kilometers, from the local limits of any municipality or cantonment board and which has a population of more than ten lakh..
regards,
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