29 June 2013
Will an agricultural land be treated as capital asset, in case it is located within 8 kilometers from the local limits of a City Municipal Corporation, even though the same is not notified by the Central Government under section 2(14)(iii)(b)?
29 June 2013
The Agriculture land out of notified area is not treated as a capital asset. . Copy from the land Records will be more than sufficient than any case law. . 8 km is the maximum limit which can be notified for urbanisation. . As the law is very clear, no case law , so far has come to my notice. If found, I shall surely provide the same. .
CAclubindia
