'Capital-gains' & 'Tax-hunters' !
Owning land away from city limits may be a good idea to keep away from the madding crowd — but not so much from taxes.
As the penchant for a house with that green patch grows even in smaller cities, the income-tax department is mulling over enhancing the notified area under local urban development authority.
At present, capital gains tax is imposed if agricultural land is situated 8 km from the local limit of a municipality or a corporation. Otherwise, agricultural land is excluded from the list of capital assets given under Section 2 of the Income-Tax Act.
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CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
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