Income tax

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YAGNESH HASMUKH DAVE (Querist)
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01 August 2015 I AM HAVING AGRICULTURE LAND DISTANCE AT 11KMS FROM GRAMPANCHAYAT /MUNCIPALITY OFFICE AND POPULATION IS 10,000/- WHETHER ON SALE OF AGRICULTURE LAND CAPITAL GAIN TAX ATTRACT OR NOT PL REPLY

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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01 August 2015 When nearest municipality population is between 10000 and 100000 if the land is situated within distance of 2 km it is said to be capital asset. But in your case since your agricultural land is situated at 11 km distance i.e. beyond 2 km it is not regarded as capital asset.

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