11 September 2014
I have an agricultural land which, as per the defintion of the Income Tax Act, is situated within 2 two kilometers of local limits of municipality board and has population of more than ten thousand. But the land is being used solely for agricultural purpose and the municipality board has also given a certificate certifying it to be an agricultural land and has charged the stamp duty accordingly. What should we consider it to be? an agricultural land or urban land? and if an agricultural land, how?
11 September 2014
it doesn't matter that the municipality board is confirming it to be agricultural land and that agricultural activity is being carried on there?
11 September 2014
ito will check wat is written in income tax act and here as per act ur not covered under exemption for rural agricultre land and hence tds is applicable...hence i think ur cleared now
12 September 2014
any agriculture land producing grains or vegetables too is agricultural land, you need to declare properly in ROI for A Y concerned you need not pay tax but you have properly account.
After all so called governance by government under tax regime puts meaningless fetters, unless removed by any sensible union government.
India does all kinds of somersaults in all kinds of laws many not duly understanding as u only elected such persons as your representatives in general elections. They rule you, as they like unless your electing representatives really drastically changes till then you are under their grips!
CAclubindia
