Government empowered to notify areas situated within a distance not exceeding 8 kilometres from local limits of any municipality or cantonment board with population exceeding 10,000.

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..... al Government has been empowered to notify areas which are situated within a distance not exceeding 8 kilometres from the local limits of any municipality or cantonment board with population exceeding 10,000. Such areas are to be specified having regard to the extent of and scope for urbanisation thereof and other relevant considerations. These provisions came into force on 1st April, 1970. The ef .....

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..... ny agricultural land, situated within the areas specified in the aforesaid notification, effected after 31st March 1970 but before 6th February 1973 would not be chargeable to tax under the head capital gains. However the profits or gains arising on the transfer of such agricultural lands on or after 6th February 1973 would be chargeable to tax under the head Capital gains.
Circular, Trade Not .....

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