As per Transfer of Property Act (U.P State) the purchaser has to pay 5% stamp duty on transfer of the agriculture land situated out of 6% Km of the area specified under Sec. 10(37) and 2% additional stamp duty if the subject land come under the developing area of any authority like. GDA, MDA etc.
Ques:- The Agriculture land was purchased in 2001.
The same is being sold in 2018.
As per stamp duty Act we have to pay 5%+2%, as the land comes under the Moradabad Development authority area where as it is situated more than 15Km. from nearest village/ municipal limits of any cities.
Whether the long term capital gain on sale of the said land is exempt or taxable?
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