TaxTMI 
TaxTMI 
Capital asset
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....apital asset<br> Query (Issue) Started By: - Vijay Maheshwari Dated:- 19-2-2009 Last Reply Date:- 24-2-2009 Income Tax<br>Got 3 Replies<br>Income Tax<br>Whether Land situated in Nagar Panchayat Area o....
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....f which population is less than 10000 would be capital asset. Please note that name of this Nagar Panchayat is not given in Notification No.9447 dated 06.01.1994 issued under Section 2(14)(iii)(b). It....
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.... is also away for more than 8 kms. from the nearest Municipal Corporation given in the aforesaid notification. Regards CA Vijay Maheshwari Please give Reply By Sachin Agarwal: The Reply: Merely not....
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.... notified in the notification does not mean that it become capital asset. fundmentally it does not fall under the definition of the Capital Asset u/s 2(14). If do you want to know more, please write m....
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....e on the email id Sachinagarwalcallb@gmail.com Reply By Sunil Jain: The Reply: In my opinion Land any way is an capital asset whether it is in the municipal limits or not. Reply By CA GOPAL JI AGRAWAL....
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....: The Reply: In my view, if the land is agricultural in the instant case,then it would not be capital capital asset.<br> Discussion Forum - Knowledge Sharing ....