capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 January 2010
agriculture land is not a capital assets.what will treatment of it when it sale out(agriculture land). is it taxable in capital gain or any other head?
13 January 2010
1st you have to note whether the agricultural land is situated in 'specified area' or no. If it is outside specified area than it is not treated as a capital asset and transfer of such land doesnot attract any capital gain tax.
13 January 2010
Definition of a specified area is:
1) any area which is comprised within the jurisdiction of a muncipality or a cantonment board and which has a population of not less than 10,000 according to the last preceding census of which the relevant population figures have been published before the first day of the previous year, or
2) any area within the distance of 8kms from the limits of such municipality or cantonment board and notifies by central government in the official gazette.
If the land is within the specified area than it is taxable under the head capital gains.
1) any area which is comprised within the jurisdiction of a muncipality or a cantonment board and which has a population of not less than 10,000 according to the last preceding census of which the relevant population figures have been published before the first day of the previous year, or
2) any area within the distance of 8kms from the limits of such municipality or cantonment board and notifies by central government in the official gazette.
If the land is within the specified area than it is taxable under the head capital gains.
14 January 2010
If the conditions above are satisfied then no capital gains on sale
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