TaxTMI 
TaxTMI 
Agriculture land sold to agricultural industry, Will it get capital gain tax or Income tax?
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....griculture land sold to agricultural industry, Will it get capital gain tax or Income tax?<br> Query (Issue) Started By: - Amit Kunjir Dated:- 21-8-2016 Last Reply Date:- 21-8-2016 Income Tax<br>Got 3 Replies<br>Income Tax<br>Group of farmers have decided to sale 44acres of land to agri industry. This land is 8km away from city limits (aerial distance) and the population of village is less than 10....
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....0000. Farming is carried out since 10years. Will they be liable for any tax as they sell the land to industry? Reply By Amit Kunjir: The Reply: The population is less than 10000 (ten thousand) Reply By Amit Kunjir: The Reply: The land is near pune, maharashtra Reply By Ganeshan Kalyani: The Reply: Sir, the extract of the definition of capital assets is reproduced below for ready reference: ....
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....(14) ["capital asset" means- (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992, [15 of 1992.]but does not include- (i) ....... (ii).... (ii....
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....i) 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 municipality, 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 [***] ; or (b) in any area within the distan....
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....ce, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more ....
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....than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh. Explanation.-For the purposes of this sub-clause, "population" means the population according to the last preceding census of which the relevant figures have been publishe....
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....d before the first day of the previous year. Thanks<br> Discussion Forum - Knowledge Sharing ....