TMI BlogAgriculture landX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, I have sold an agriculture land at 25.05.017, that land was gifted by my grand mother at 30.04.2013, the land cited 16 km from district municipal area, Now i don't know the land is exemption for income tax or not, if exemption is there any latest case laws or circular, i hope can any one guide me right way, Thanks - Reply By KASTURI SETHI - The Reply = I am not expert in Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act but I know about this query. See Section 2(14) (iii) of the Income Tax Act . this is with effect from 1.4.14 [ (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... name) or a cantonment board and which has a population of not less than ten thousand 47[***] ; or 48 [(b) in any area within the distance, 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 mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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 - Reply By Ramesh K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... othari - The Reply = In my opinion no income tax applicable if sold for purpose of further agriculture activities - Agriculture land - Query Started By: - Mohammad Venu Dated:- 2-8-2019 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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