25 September 2015
One of the client has sold agricultural land in kakra village. This village comes under tehsil Modinagar U.P. The distance of modinagar from kakra village is 16km as shown in internet. In registry, it is written that land is outside the local limits but distance is not mentioned. Will it be taxable. How to find the local limit of muncipality. Do we need any certificate. Pls. help.
26 September 2015
The land is agricultural land for exemption from capital gain if the arial distance is more than 8 kms from the municipal limit of Modinagar (Notification 9447 dated 06.01.1994). It does not appear to be taxable.
CAclubindia
