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Agriculture land

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(Querist)
26 April 2012 dear all

can anyone explain me does sale of agriculture land come into capital gain or not & does any kind of tax liability is to be arise.
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Amol S Joglekar

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Amol S Joglekar (Expert)
27 April 2012 Agricultural Land is regarded as CAPITAL ASSET if it falls within a distance of 8 kms from municipality, corporation cantonment board OR located in a village having population of 10,000 or more as per latest census. If your agricultural land is capital asset then it is taxable otherwise EXEMPT
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MANOJ KUMAR SHARMA

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MANOJ KUMAR SHARMA (Expert)
28 April 2012 i also accept this views of MR.Amol
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parveen

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parveen (Querist)
02 May 2012 thanks a lot
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