Agricultural Land Outside Municipal Limits Exempt from Capital Asset Classification u/s 2(14) of Income Tax Act, 1961.

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....Long term capital gain - agricultural land - capital asset u/s 2(14) - land as situated within Municipal Limit or not?- it can be held that “Dharuhera” of District Rewari do not find place in the notification issued consequence to the provisions of Section 2(14) of the Income Tax Act, 1961. Hence, the land which is situated at Garhi Alawalpur cannot be treated as the capital asset, ergo the proceeds are not liable to tax under the head “Long Term Capital Gains - AT....