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<h1>Agricultural land near town not a capital asset post-notification. Surplus from sale not taxable as capital gains.</h1> The High Court of Gujarat held that agricultural land near a municipality is not a 'capital asset' if the notification was issued post-transaction. The ... Capital Gains The High Court of Gujarat ruled that agricultural land within 8 kilometers of a municipality is not a 'capital asset' if the specified notification was issued after the land transaction. The Income-tax Appellate Tribunal's decision was upheld. The surplus from the land sale cannot be charged as capital gains due to the timing of the notification.
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