Short term gain
This query is : Resolved
27 July 2012
SHORT TERM CAPITAL GAIN ON SALE OF AGRICULTURE LAND IS EXEMPT BEING AGRICULTURE LAND OR TAXABLE. THE LAND IS BEYOND 8 KMS FROM GRAMPANCHAYAT & POULATION IS ALSO BELOW TEN THOUSHAND PLEASE EXPLAIN
28 July 2012
There is no question of exemption.
Capital Gain arises only when there is transfer of Capital Asset.
Sec 2(14) specifically excludes "Rural Agriculture Land" from the definition of Capital Asset.
Rural Agriculture Land is the land situated in any area where population is less than 10000 and situated atleast 8km away from the municipality.
So, there will not be any capital gain.
Capital Gain arises only when there is transfer of Capital Asset.
Sec 2(14) specifically excludes "Rural Agriculture Land" from the definition of Capital Asset.
Rural Agriculture Land is the land situated in any area where population is less than 10000 and situated atleast 8km away from the municipality.
So, there will not be any capital gain.
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