capital gain

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Neeta

Neeta (Querist)
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02 July 2009 in which situation agricultural land is not considerd as capital asset?

Ratan Sharma

Ratan Sharma (Expert)
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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.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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02 July 2009 agree with the expert

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