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rural agricultural land or urban agricultural land

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(Querist)
25 July 2009 A rural agricultural land was purchased 20year ago. Now the assessee wants to sell it. The concerned land is now covered under Municipal Corporation Limits. My query is whether the land is rural agricultural land or urban agricultural land and what will be the tax consequenes at all ???????????
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Ratan Sharma

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Ratan Sharma (Expert)
25 July 2009 Hi,
As the land is covered within the limits muncipal corporation it is treated at capital asset. You will have to pay long term capital gain tax on sale of such land.
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