Assessment of capital gains on sale of agricultural land or ...
Income Tax
April 21, 2023
Assessment of capital gains on sale of agricultural land or landed property - the assessee’s case clearly falls under clause (b)(ii) to provisions of section 2(14)(iii) reason being assessee’s land is outside Hindupur Municipal limits at a distance of 4 kms measured aerially and as per provisional report of Census of India, population of Hindupur Municipality in 2011 is 151677. Hence, the AO has rightly charged assessee’s land to capital gain tax and the CIT(A) has rightly affirmed the same. - AT
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