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Capital gain

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(Querist)
29 March 2015 Whether agricultural land of village whose population more than 10000 is taxable under capital gain ...?
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CA Pankaj Kr Agrawal

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CA Pankaj Kr Agrawal (Expert)
29 March 2015 Agriculture land situated in urban area is a Capital assets.Hence, taxable but section 10(37) exempt capital gain arising from transfer of Agriculture land situated in urban area if certain condition are fulfilled which is laid down in said section.

Basically the said exemption is broadly available in case of compulsory acquisition under any law or the transfer is one for which the consideration is determined or approved by the CG or the RBI subjected to fulfilling the other conditions also laid down in said section.
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