CAPITAL GAIN- MUNICIPAL LIMIT

This query is : Resolved

DHIRAJ DINESHKUMAR MANDOT (Querist)
Follow

17 November 2010 SIR,
ONE OF MY CLIENT HAS SOLD HIS AGRICULTURE LAND IN F.Y.2007-2008. NOW HE RECEIVED THE NOTICE FROM INCOME TAX DEPARTMENT SAYING THAT THE AGRICULTURE LAND SOLD IS WITHIN MUNICIPAL LIMIT OF NAGPUR. WE WANT TO KNOW THAT FOR THE PURPOSE OF INCOME TAX, FROM WHERE WE SHOULD COUNT THE 8 KM. FOR CAPITAL GAIN TAX PURPOSE. IF POSSIBLE, PLEASE GIVE THE REFERENCE OF ANY CIRCULAR/CASE LAW ETC.
THANKS IN ADVANCE.

Kuldeep Verma

Kuldeep Verma (Expert)
Follow

19 November 2010 Distance for municipal limits of city [or purpose of section 2(14)(iii)] has to be taken in terms of approach by road and not as per straight line distance on a horizontal plane- If principle of measurement of distance is considered straight line distance on horizontal plane or as per crow’s flight then it would have no relationship with the statutory requirement of keeping in view the extent of urbanization.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Namita Fule

Amit Yadav

Krishnan V

sriram deven

PARAS CHHAJED

Subscribe Now

CAPITAL GAIN- MUNICIPAL LIMIT

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

Article Assistant

GST CONSULTANT

CA Final