Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2015
Vacant Site Purchased in 2006-07
Sold in 2013-14
Where vacant situated beyond 8 kms from munipal limit and population less than 10000
whether liable to pay LTCG nor not
Sold in 2013-14
Where vacant situated beyond 8 kms from munipal limit and population less than 10000
whether liable to pay LTCG nor not
CA. Anoop Bhatia
(Expert)
19 February 2015
If the vacant site is agriculture land then only it can be treated as non-capital asset. However if it is non-agriculture plot then even if it is beyond 8 KMs, shall be treated as taxable long term capital transaction.
For more clarity you may refer to provisions of section 2(14) of the Income Tax Act 1961.
For more clarity you may refer to provisions of section 2(14) of the Income Tax Act 1961.
Rupesh Jain
(Expert)
19 February 2015
it is agriculture land beyond municipal limit then its exempt from capital gain. otherwise it is taxable.
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