Capital gains

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2011 Experts pl. clarify..
I find there is no CAPITAL GAIN tax in case the property located beyond municipal area..
- is it so..?
If so,
How the Municipal area is determined in the Tax laws? is it the same as in Land Revenue?

If there is no capital gain tax; could there be possible to adjust capital loss also. if any.

Experts pl. clarify

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 November 2011 It is not so for all kinds of properties.
.
The 2 important gradients for the accrual of Capital Gains are ...
.
1. Capital Asset 2. Transfer.
.
Capital Gain on Agriculture Land situated outside the Municipal Limits is only exempt
as rural land is not treated as a Capital Asset.
.
The limits are prescribed through notification and in my view, it is the same as in the Land Revenue. Maximum limit prescribed in the IT is 8 KM from the Municipal Area.

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