we have a land purchased 20 years ago and it comes under panchayat limit. we would like to sale this land. long term capital gain tax is applicable on this transaction.
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Capital gain tax
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You have not specified whether it is an agricultural land or other. If it is an agri land it will be a capital asset if it falls under the following:
1. Situated within a distance of 2 kms measured arially from the local limits of nearest municipality, board, corporation, council by whatever name called in case population of nearest municipality does not exceeed 1 lac.
2. Situated within a distance of 6 kms measured arially from the local limits of neares municipality in case population of nearest municipality is between 1 lac to 10 lac.
3. Situated within a distance of 8 kms measured arially from the local limit of nearest municipality in case population of nearest municipality is more than 10 lac.
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