Income tax on proceeds on sale of agricultural lands, Income Tax

[Srivatsan Krishnamachari]

Dear Learned Friends,

Kindly clarify the following query. As far as I know, sale proceeds received by an Individual on selling agricultural lands are not to be taxed if such lands are situated at more than 8 kilo meters from a Municipality having a population of not more than 10,000.It seems there are some changes in respect of the distance and population, brought forth in the recent budget 2014. I hear from some quarters that the distance to be considered is distance by Air and not by road. I will be much obliged if I get this clarified.

Regards,

KS

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.