Dear Learned Friends,
Kindly clarify the following query. As far as I know, sale proceeds received by an Individual on selling agricultural lands are not to be taxed if such lands are situated at more than 8 kilometers from a Municipality having a population of not more than 10,000.It seems there are some changes in respect of the distance and population, brought forth in the recent budget 2014. I hear from some quarters that the distance to be considered is distance by Air and not by road. I will be much obliged if I get this clarified.
Regards,
KS
Clarification sought on tax exemptions for agricultural land sales over 8 km from small municipalities; 2014 budget changes noted. An individual inquired about the tax implications on the sale of agricultural lands, specifically whether proceeds are exempt if the land is situated more than 8 kilometers from a municipality with a population not exceeding 10,000. The individual mentioned potential changes in the 2014 budget concerning the measurement of distance, possibly being calculated by air rather than by road. A respondent asked if the issue had been clarified, indicating a need for further information or confirmation. (AI Summary)
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