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Issue on capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2013 Respected Sir/Madam & Frndss..

i have a doubt regarding capital gains....

There is an agriculture land which is outside the purview of one Municipality when it is purchased (i.e outside 8 k.m) when land was purchased... later new municipality has been notified in that area ... so now exempted agriculture land became taxable agriculture land (i.e within 8 k.m from municipality board)... now the land owner sold said agriculture land... what are the tax implications??? is it capital gain or not???
Refer me some case laws if u can...

Thanks in advance

Regards
Satish Kumar N
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
02 December 2013 if its capital asset and there is transfer of such assets then capital gain is taxable as at the time of transfer they became capital asset.
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