Agricultural land or not
gaurav
(Querist) 27 March 2012
This query is : Resolved
A land is situated in a village area having a population less then 10,000 people and village is located at 3 kms. away from a big town having 200000 population and village is outside a limit of municipality limit. For being an agricultural land , does it requires also be 8kms away from the limits of municipality limit of a big town?
Raj Kumar Makkad
(Expert) 27 March 2012
There is no such condition to be a village as you narrated in your query. There is no such condition however, District Town Planning do take care of systematic development of the area within 8 kms of a scheduled city as per its long term plan.
Kiran Kumar
(Expert) 27 March 2012
find out the fact from the local municipal laws of the state.
A V Vishal
(Expert) 28 March 2012
Mr Gaurav if your query is from tax point of view then yes there are certain areas & conditions notified by the income tax department to qualify to be an agricultural land, if the village is not notified then yes it can be treated as an agricultural land.
gaurav
(Querist) 28 March 2012
land is compulsory acquired my goverment? does it effects on any tax point of view above said question?
gaurav
(Querist) 28 March 2012
Vishal saheb I had a land which has been acquired by government. they paid me compensation; Land was situated in a small village located outside 5 km from my home town. Does my compensation is exempt from capital gain? Does it consider as agricultural land?
A V Vishal
(Expert) 29 March 2012
No your compensation is not exempt however first name the village where the lands are situated
V R SHROFF
(Expert) 29 March 2012
YES, but you have to re invest , in property, or in capital gain exemp to save tax
soumitra basu
(Expert) 08 April 2012
I think your compensation is exempt from tax provided it is an agricultural land is nature and not within the notified area.
