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CAPITAL GAIN ON SALE OF AGRL. LAND SITUATED IN GRAMPANCHAYAT

This query is : Resolved 
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(Querist)
23 September 2010 I SELLING MY AGRICULTURL LAND FOR Rs. 20 LAKH WHICH IS BEING CULTIVATED. THIS LAND IS INHERRITED BY ME ON THE DEATH OF MY MOTHER. IT WAS INHERRITED / HELD BY HER ON THE DEATH OF MY FATHER.
I ALREADY HAVE MADE AN AFFIDAVIT THAT THE SAID LAND MAY BE ASSUMED AS PROPERTY OF MY HUF ON JANUARY 2010. NOW I AM APPLYING FOR PAN OF SAID HUF.
I WANT TO DEPOSIT THE AMT OF COSSIDERATION OF LAND INTO BANK .
PLEASE GUIDE ME WEHETHER IT WILL ATTRAT CAPITAL GAINS TAX ? IF THE LAND IS SITUATED BEYOND 10 KMS. FROM MUNICIPALITY AND WITHIN GRAMPANCHAYAT JURISDICTION IF HAVING POPULATION MORE THAN 10000.
CAN EXPERTS GUIDE?
THANKS IN ADVANCE
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
23 September 2010 Since your land is not coming under municipality , it is not a capital asset.

No capital gain is applicable.
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