Agriculture land

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..... Agriculture land
Query (Issue) Started By: - Mohammad Venu Dated:- 2-8-2019 Last Reply Date:- 16-8-2019 Income Tax
Got 2 Replies
Income Tax
Sir, I have sold an agriculture land at 25.05.017, that land was gifted by my grand mother at 30.04.2013, the land cited 16 km from district municipal area, Now i don't know the land is exemption for income tax or not, if exemption is there .....

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..... any latest case laws or circular, i hope can any one guide me right way, Thanks Reply By KASTURI SETHI: The Reply: I am not expert in Income Tax Act but I know about this query. See Section 2(14) (iii) of the Income Tax Act. this is with effect from 1.4.14 [(iii) agricultural land in India, not being land situate- (a) in any area which is comprised within the jurisdiction of a municipality .....

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..... (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 47[***] ; or 48 [(b) in any area within the distance, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board re .....

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..... ferred 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 than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality .....

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..... or cantonment board referred to in item (a) and which has a population of more than ten lakh Reply By Ramesh Kothari: The Reply: In my opinion no income tax applicable if sold for purpose of further agriculture activities
Discussion Forum - Knowledge Sharing .....

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