LTCG - capital assets OR agricultural land - at the time of sale...

LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s land cannot be treated as a capital asset in terms of section 2(14), Hence the chargeability of capital gain on sale of such agricultural land does not arise - NO capital gain

---