Capital gain on agriculture land sold

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2012 I HAVE PURCHASE AGRICULTURE LAND IN AT SHAPAR IN RAJKOT(GUJARAT)AMT.RS.50 LACS BEFORE 10 YRS. NOW I WILL SOLD THE AGRICULTURE LAND AMT.RS.60 LACS.

MY POINT IS THIS ANY CAPITAL GAINS LIABILITY OR NOT.

PLS.HELP ME.

CA Mukesh Jain S

CA Mukesh Jain S (Expert)
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20 June 2012 Agricultural land located in specified area is covered under the def of capital asset. Hence it is subject to CG liability.(STCG or LTCG)

Specified area means land located within 8 kms from the municipal limits.