12 August 2008
In Vadodara city,whether agricultural land under Vadodara Urban Development Authority(VUDA) is consider as rural agricultural land. This important because an agricultural land is sold and if it would be rural than it will be ouside scope of definition of capital asset
14 August 2008
Rural agricultural land is not a capital asset hence there is no ques of arising capital gain on transfer of such asset. Rural Agricultural Land: Agri. Land in India provided it is situated in area outside the jurisdiction of a municipality or a cantonment board having a population less than 10000(as per last Census) Agricultural Land: Land being used by an individual or his parents for agricultural purpose for a period of two years, immediately preceding the date of transfer.
CAclubindia
