Definition of agricultural land

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....efinition of agricultural land<br> Query (Issue) Started By: - manoj gupta Dated:- 12-6-2010 Last Reply Date:- 14-6-2010 Income Tax<br>Got 1 Reply<br>Income Tax<br>Agricultural land is not a capital asset under the definition of capital assets as defined in the Income TAx Act. It means sale of agricutural land is not liable to capital gain tax. But what is the exact definition of agricultural land....

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.... for this purpose. What are the conditions to satisfy to avail this exemption. A businesman purchases agricultural land and within 6 months of purchase, sells it on profit. He has never done any agricultural operations on it. Is the capital gain so arising is exempt from tax. or there is condition that he should use this land for at least two years for agricultural purpose to avail the benefit of ....

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....agricultural land. Can any body tell the circular which defines the city wise boundaries, beyong which any land is termed as agricultural land. Reply By GOPALJI AGRAWAL: The Reply: Section 2(14)(iii) defines the agricutural land as under: Agricultural land in India, not being land situate— (a) in any area which is comprised within the jurisdiction of a municipality (whether known as a munici....

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....pality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or (b) in any area within such distance, not being more than eight kilo....

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....metres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette;] See notification no. 9447 dated 06/01/1994 for notified area. For notification click the link below:....

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