Sale of rural agricultural land

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nilesh (Querist)
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11 August 2011 RURAL AGRICULTURAL LAND IS EXEMPT FROM CAPITAL GAIN ?
IF YES CONDITIONS IF ANY ?
HOW TO DIFFERANCIATE RURAL AND URBAN LAND ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 August 2011 Rural Agri. land is not a capital asset. Section 2(14)
.
Rural agriculture land means -
1. which is not situated in the jurisdiction of a municipality or cantonement board ,having population not less than 10000.
2. Further, which is not situated in the notified area from the local limits of such municipality or CB.

The land described in 1 and 2 will be, alternatively, known as Urban Land.

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