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notified areas u/s 2(14)

Sourav Modi (Learner!) (306 Points)

09 November 2008

My question is related to income tax act. Under section 2(14) its mentioned that those areas which are notified by govt. and which are within 8km of any municipality shall not be considered as agricultural land or for that matter are considered as capital assets. I wanted to know of a particular area which is within 8 km of a municipality but whether it is notified by the govt. or not. So is there any source from where I can get information about all the notified areas?

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6 Replies

S.Srinivasaraghavan (Chief Financial Officer and Co) (11318 Points)
Replied 10 November 2008

THe local income tax office will have that.

(Guest)

These are standard tactics. Most (if not all) of the CAs in existence (practice or in employment) would also flunk badly if asked to write exams.

(I failed in the ACS income tax inter test papers after finishing CA).

Hence pls realise all is drama and keep writing the other papers (do not even look at the completed exam question papers) after exams are over you have all the time for post mortem.

Anumanchipalli Sathikonda (Tax Consultant) (1349 Points)
Replied 08 March 2012

Mr.Sourav Modi

The Govenment of India has notified the areas which can be considered as capital asset u/s 2(14) in

Notification No.S.O.10/6-1-1994 - This notification is published in 205 ITR (St) 121

Notification No.S.O.77(E)/6-2-73 and amended by Notification No.S.O.1302/28-12-1999 - This notification is published in 248 ITR (St.)28

Best Wishes

Sathikonda

Anumanchipalli Sathikonda (Tax Consultant) (1349 Points)
Replied 08 March 2012

Mr.Sourav Modi

I am herewith attaching a book let published by the Income Tax Department wherein the notification containing the details of places (for urbanization) are notified. Please go through the same and find the place which you require.

Best Wisehs

Sathikonda