Items not treated as capital assets
This query is : Resolved
20 January 2014
As per income tax law a rural agriculture land situated outside 8 kms from the local municipal limits and having less than 10,000 population will not be treated as a capital asset.
My question is that who/ which authority will provide me such certificate that the agricultural land is 8 km far from local municipal limits.
Thanks
CA Mohit Bansal
(Expert)
21 January 2014
You do not need to get any certificate regarding distance of your land from the municipal limits. Municipal limits are up to the "Octroi Naka". so you can measure your land distance from there and accordingly can work out your income tax implications for the same.
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