Land Near Navi Mumbai Classified as Agricultural, Exempt from Capital Gains Tax u/s 2(14) of Income Tax Act.

Land Near Navi Mumbai Classified as Agricultural, Exempt from Capital Gains Tax u/s 2(14) of Income Tax Act. https://www.taxtmi.com/highlights?id=57985 Nature of land sold - Capital asset u/s 2(14) or agricultural land - it is categorically clear that the travel distance of Nighu village by road is around 9 kilometers from boundaries of Navi Mumbai Municipal Corporation and hence, the same would decide the ambit of definition of capital asset within the meaning of Section 2(14) of the Act and hence, there cannot be any levy of capital gains. - AT en-us Sat, 15 May 2021 14:18:13 +0530 Sat, 15 May 2021 14:18:13 +0530 TaxTMI RSS Generator Land Near Navi Mumbai Classified as Agricultural, Exempt from Capital Gains Tax u/s 2(14) of Income Tax Act. https://www.taxtmi.com/highlights?id=57985 Nature of land sold - Capital asset u/s 2(14) or agricultural land - it is categorically clear that the travel distance of Nighu village by road is around 9 kilometers from boundaries of Navi Mumbai Municipal Corporation and hence, the same would decide the ambit of definition of capital asset within the meaning of Section 2(14) of the Act and hence, there cannot be any levy of capital gains. - AT Highlights Income Tax Sat, 15 May 2021 14:18:13 +0530 https://www.taxtmi.com/highlights?id=57985