26 October 2012
The agricultural land which is not situated with in 8 kms from the local limit of any municpality or corporation and situated in a town or village which is having population of 10000 or less according to latest senses Is called rural agricultural land. and gain on such land is exempted to tax. For any clarification please write.
26 October 2012
One more clarification to you according to the section 2(1A) specified area means
" a) any area which is comprised within the jurisdiction of a municipality or a cantonment board and which has a population of not less than 10000 according to the last preceding census of which the relevant population figures have been published before the first day of the previous year.
(OR)
b) any area within the distance of 8 kms from the limits of such municipality or cantonment board and notified by the central government in the Official Gazette."
The Agricultural land which is not situated in the specified area(i.e above explained) and gain on such land is not liable for tax.
26 October 2012
So the agricultural land situated with in 8 Kms from municipality limits is liable capital gain tax eventhough such village population is less than 10000
As well as the land is situated not with in 8 kms from municipality limits but the situated village population is more than 10000 then also liable for capital gain tax.
Conclusion: So to get the agricultural land capital gain tax exemption such land doesn't situated with in 8 kms from municipality limits as well as doesn't situate in a village which has population of more than 10000.
26 October 2012
Agricultural Land is situated outside 8kms from municipality or Corporation but population is not less than 10000. Then, Is it a Rural Agri Land or not?
26 October 2012
Sorry to my mistake i didn't noticed till you said me. I wrongly typed it as "not a urban land" at the time of posting of such reply just i am in some other matter discussion relating to my personal. So again i am sorry to my mistake.
26 October 2012
No need to ask Sorry friend. Again Thanks for the reply. Thank you so much.I was a bit confused with the condition. Thanks for the clarification.