Could anyone explain me what is capital gain tax ....

Shilpa Rani (Querist) 08 December 2008 This query is : Resolved
what is capital gain tax...
if i sell a agricultural land gifted to me by my father ( it comes under town urban development authority)...shall i need to pay capital gain tax...

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Adv.Shine Thomas (Expert) 09 December 2008
Ag.land is not come under the definition of capital gain asset and so there is no capital gains on the sale of such land.If the land situated within 8 kms from the limits of a Municipality,Corporation,...which is having more than 10,000 population,then the Ag.land attracts capital gains.Please refer sec 54B of Income Tax Act.

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