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Agriculture land sold to agricultural industry Will it get capital gain tax or Income tax?

Income Tax - Started By: - Amit Kunjir - Dated:- 21-8-2016 Last Replied Date:- 21-8-2016 - Group of farmers have decided to sale 44acres of land to agri industry. This land is 8km away from city limits (aerial distance) and the population of village is less than 100000. 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 = T .....

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15 of 1992.]but does not include- (i) ....... (ii).... (iii) 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 distance, measured aerially,- (I) not being more tha .....

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