Whether Land situated in Nagar Panchayat Area of which population is less than 10000 would be capital asset. Please note that name of this Nagar Panchayat is not given in Notification No.9447 dated 06.01.1994 issued under Section 2(14)(iii)(b). It is also away for more than 8 kms. from the nearest Municipal Corporation given in the aforesaid notification.
Regards CA Vijay Maheshwari
Please give
Debate on Land in Nagar Panchayat: Is It a Capital Asset Under Section 2(14) of Income Tax Law? A query was raised regarding whether land located in a Nagar Panchayat area with a population under 10,000 qualifies as a capital asset under income tax laws. The land is not listed in Notification No.9447 and is more than 8 kilometers from the nearest municipal corporation. One respondent argued that lack of notification does not automatically make it a capital asset, as it does not meet the definition under Section 2(14). Another stated that land is a capital asset regardless of municipal limits. A third opinion suggested that if the land is agricultural, it would not be considered a capital asset. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
