DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 27 April 2010
if the population of the muncipality of that area does not exceed 10000 or in a area situated beyond 8k.m from the local limita of muncipality of that area then it will be tax free(bcoz it does not include in the definition of capital assets).it does not make a diff whether the property was purchased by him or is an inherited assets.
Amir
(Learner)
(4016 Points)
Replied 27 April 2010
Agree with friend Tarun,
If it is a Agriculture land as defined in the act then it is not a Capital Asset & hence no question of CG.
Gaurav Kumar
(CA FINAL STUDENT)
(67 Points)
Replied 28 April 2010
no capital gain is imposed with regards to Agriculture land but there are certain provisions in the act where if the agriculture land is in urban are that you can check out but still it will be exempt subject to the requirement which tarun has just mentioned
Narayanan.R
(Chartered Accountant)
(191 Points)
Replied 28 April 2010
Agricultural land does not attract CG
vinay kumar singhal
(JOB)
(26 Points)
Replied 18 June 2011
Pls make me clear
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
