Queries regarding agriculture land

Tax queries 411 views 1 replies
Hello! I have few queries again on behalf of a friend - -- My land is situated 12 km away from Municipal Corporation limits in a small village having population not more than 2000. But, this land is infertile. So, will this land be considered as Agriculture Land? -- Will this land be considered as a Capital asset? -- I had purchased this land about 15 months back! But, I want to sell it now! So, will I be able to take exemption on the gain arising from the selling of this land?
Replies (1)

Shortest aerial distance from

Local limits of a municipality

Less than equal to 2 km                       Population >10000 but less than 100000

Less than equal to 6 km                         Population >100000 but less than 1000000

Less than equal to 8 km                       Population >1000000

 

in you case agriculture land is located 12 km away from municipality and hence, its not a capital asset.

you can sell this agriculture land.


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