Hello!
I have few queries again on behalf of a friend -
-- My land is situated 12 km away from Municipal Corporation limits in a small village having population not more than 2000. But, this land is infertile. So, will this land be considered as Agriculture Land?
-- Will this land be considered as a Capital asset?
-- I had purchased this land about 15 months back! But, I want to sell it now! So, will I be able to take exemption on the gain arising from the selling of this land?
Replies (1)
Guest
Shortest aerial distance from
Local limits of a municipality
Less than equal to 2 km Population >10000 but less than 100000
Less than equal to 6 km Population >100000 but less than 1000000
Less than equal to 8 km Population >1000000
in you case agriculture land is located 12 km away from municipality and hence, its not a capital asset.
CAclubindia
