Capital asset

[Vijay Maheshwari]

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

Merely not notified in the notification does not mean that it become capital asset. fundmentally it does not fall under the definition of the Capital Asset u/s 2(14). If do you want to know more, please write me on the email id [email protected]

[Sunil K. Jain]

In my opinion Land any way is an capital asset whether it is in the municipal limits or not.

[CAGOPALJI AGRAWAL]

In my view, if the land is agricultural in the instant case,then it would not be capital capital asset.

AI Summary

Capital asset status: land classification depends on notification, legal character, and agricultural-use exclusion.
Qualification of land in a small Nagar Panchayat as a capital asset depends on its legal character and applicable statutory definition rather than mere omission from a municipal notification; practitioner views vary between treating land generally as a capital asset and excluding land that is agricultural in nature from capital asset classification.