Dear Friends,
What is Rural Agricultural Land (not falling within the definition of "Capital Asset")?
Please Explain (Clarity needed).
Dintakurthi Tirumala
(CA FINAL)
(15989 Points)
Replied 26 October 2012
The agricultural land which is not situated with in 8 kms from the local limit of any municpality or corporation and situated in a town or village which is having population of 10000 or less according to latest senses Is called rural agricultural land.
OM SAI SRI SAI JAI JAI SAI
Dintakurthi Tirumala
(CA FINAL)
(15989 Points)
Replied 26 October 2012
And capital gain on such land is exempted to tax. Please write any more clarification regarding this.
OM SAI SRI SAI JAI JAI SAI
C.Balaji
(Learner)
(1867 Points)
Replied 26 October 2012
Thanks for the immediate reply.
Incase the Agricultural Land is situated outside 8kms from municipality or Corporation but population is not less than 10000. Then, Is it a Rural Agri Land or not?
Regards
Balaji.C
Dintakurthi Tirumala
(CA FINAL)
(15989 Points)
Replied 26 October 2012
in such case not a urban land.
OM SAI SRI SAI JAI JAI SAI
C.Balaji
(Learner)
(1867 Points)
Replied 26 October 2012
Can you pls explain your statement? I am a bit confused mate.
Dintakurthi Tirumala
(CA FINAL)
(15989 Points)
Replied 26 October 2012
I replied to your expert query with the section defination please read and ask me if you have any doubt furthure.
OM SAI SRI SAI JAI JAI SAI
C.Balaji
(Learner)
(1867 Points)
Replied 26 October 2012
I thank you for the Prompt and Immediate reply...
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