capital gain
This query is : Resolved
02 July 2009
in which situation agricultural land is not considerd as capital asset?
Ratan Sharma
(Expert)
02 July 2009
Hi,
Refer sec. 10(14)(iii) of the IT Act.
Agricultural land in india, not being land situate -
(a) in any area which is comprised within the jurisdiction of a muncipality or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or
(b) in any are within such distance, not being more than eight kilometres, from the local limits of any muncipality or cantonment board referred to in item (a) , as the central government may, having regard to the extent of , and scope for, urbanisation of that area and other relevant considerations, specify in this behalf.
Refer sec. 10(14)(iii) of the IT Act.
Agricultural land in india, not being land situate -
(a) in any area which is comprised within the jurisdiction of a muncipality or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or
(b) in any are within such distance, not being more than eight kilometres, from the local limits of any muncipality or cantonment board referred to in item (a) , as the central government may, having regard to the extent of , and scope for, urbanisation of that area and other relevant considerations, specify in this behalf.
02 July 2009
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