Income tax
This query is : Resolved
YAGNESH HASMUKH DAVE
(Querist)
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
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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