Agricultural Land Sale in Adalaj Exempt from Capital Gains Tax u/s 2(14)(iii) of Income Tax Act.

Agricultural Land Sale in Adalaj Exempt from Capital Gains Tax u/s 2(14)(iii) of Income Tax Act. https://www.taxtmi.com/highlights?id=59590 Chargeability of capital gains on sale of land - nature of land sold - agricultural land - The development authority i. e. GUDA is a creation of statute. It cannot be equated with Municipal Corporation - As assessee has successfully demonstrated that the land parcels situated as Adalaj does not fall within the meaning of expression ‘Municipality’ or ‘Municipal Corporation’ and therefore falls in exception provided in sub-clause (a) to Section 2(14)(iii) of the Act - AT en-us Wed, 08 Sep 2021 13:16:17 +0530 Wed, 08 Sep 2021 13:16:17 +0530 TaxTMI RSS Generator Agricultural Land Sale in Adalaj Exempt from Capital Gains Tax u/s 2(14)(iii) of Income Tax Act. https://www.taxtmi.com/highlights?id=59590 Chargeability of capital gains on sale of land - nature of land sold - agricultural land - The development authority i. e. GUDA is a creation of statute. It cannot be equated with Municipal Corporation - As assessee has successfully demonstrated that the land parcels situated as Adalaj does not fall within the meaning of expression ‘Municipality’ or ‘Municipal Corporation’ and therefore falls in exception provided in sub-clause (a) to Section 2(14)(iii) of the Act - AT Highlights Income Tax Wed, 08 Sep 2021 13:16:17 +0530 https://www.taxtmi.com/highlights?id=59590