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TMI BlogAgriculture land sold to agricultural industry, Will it get capital gain tax or Income tax?X X X X Extracts X X X X X X X X Extracts X X X X ..... Agriculture land sold to agricultural industry, Will it get capital gain tax or Income tax? X X X X Extracts X X X X X X X X Extracts X X X X ..... 00000. Farming is carried out since 10years. Will they be liable for any tax as they sell the land to industry? Reply By Amit Kunjir: The Reply: The population is less than 10000 (ten thousand) Reply By Amit Kunjir: The Reply: The land is near pune, maharashtra Reply By Ganeshan Kalyani: The Reply: Sir, the extract of the definition of capital assets is reproduced below for ready reference: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (14) ["capital asset" means- (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992, [15 of 1992.]but does not include- (i) ....... (ii).... (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) agricultural land in India, not being land situate- (a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand [***] ; or (b) in any area within the dista ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh. Explanation.-For the purposes of this sub-clause, "population" means the population according to the last preceding census of which the relevant figures have been publish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed before the first day of the previous year.
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