Whether agariculture land in urban arae is taxable.
This query is : Resolved
VIRENDRA JAIN
(Querist)
08 July 2012
Hi
Some of my clients have sold their ancestarl agriculture land in Udasar Vilalge. Udasar village has their own gram panchayat. The area is out of Bikaner muncipal Area And have population under 10000/-, It is a rural area.Udasar Agriculture land which have been sold is 4.5 Km away from Bikaner munciapl area. The land was purely used for agriculture purpose as i have girdawari and patwari report. SIr now the ITO is saying that you have to deposit capital gain on it so sir please tell me the solution of my problem.
Some of my clients have sold their ancestarl agriculture land in Udasar Vilalge. Udasar village has their own gram panchayat. The area is out of Bikaner muncipal Area And have population under 10000/-, It is a rural area.Udasar Agriculture land which have been sold is 4.5 Km away from Bikaner munciapl area. The land was purely used for agriculture purpose as i have girdawari and patwari report. SIr now the ITO is saying that you have to deposit capital gain on it so sir please tell me the solution of my problem.
CA PARAS BAFNA
(Expert)
08 July 2012
In case the Girdawari and Patwari Report affirms the fact that the land situated in Udasar is a Rural Agriculture land....
.
or.
.
If you can produce any evidence suggesting that the area is out of notified area, AO
can not tax the property.
.
AO may be of the firm belief that since Udasar is very near to Gangashahar or Bhinasar,(less than 8 KM.), so he could consider it an Urban Area, but, when the area has not been notified in the official Gazzete for urbanisation, he can not tax the transaction....as this would not fall under the definition of transfer.
.
.
or.
.
If you can produce any evidence suggesting that the area is out of notified area, AO
can not tax the property.
.
AO may be of the firm belief that since Udasar is very near to Gangashahar or Bhinasar,(less than 8 KM.), so he could consider it an Urban Area, but, when the area has not been notified in the official Gazzete for urbanisation, he can not tax the transaction....as this would not fall under the definition of transfer.
.
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