Capital gain on agricultural land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2011
Agricultural land is situated in a village “A”, the population of which is less than 10000 AND VILLAGE “A” IS ONLY 6 KMS AWAY FROM TOWN "B".THOUGH THE LAND IS COMPRISED OF IN THE JURISDICTION OF OF A GRAM PANCHYANT, IT IS ON,Y 6 KMS AWAY FROM THE NAGAR PALIKA.whether land will be considered as agricultural land for the purpose of Income tax act,1961.
Whether agricultural land situated in a village “a” will be considered a agricultural land and will the capital gain arising on sale of it will be exempt
Can any one clarify as to what does the phrase "In any area within such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanization of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette mean? Whether it implies 8 kms from nagar palika or 8 kms from local gram panchyat?
Thanks in advance
.
Whether agricultural land situated in a village “a” will be considered a agricultural land and will the capital gain arising on sale of it will be exempt
Can any one clarify as to what does the phrase "In any area within such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanization of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette mean? Whether it implies 8 kms from nagar palika or 8 kms from local gram panchyat?
Thanks in advance
.
21 September 2011
There are two types of Agriculture Land
1) Urban Agriculture Land
2) Rural Agricultural Land
If the Agricultural land is situated within 8 Kms of the town then it is rural agriculture land and if it situated beyond 8 kMS THEN it is rural agricultural land.
* Km is to be counted from the 0 point of that town.
1) Urban Agriculture Land
2) Rural Agricultural Land
If the Agricultural land is situated within 8 Kms of the town then it is rural agriculture land and if it situated beyond 8 kMS THEN it is rural agricultural land.
* Km is to be counted from the 0 point of that town.
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