Please Help: Capital Gain
Posted Date : 23-Dec-2011 , 06:37:51 pm | Posted By Manoj Soni
how to know the Agriculture land is Rural or Urban ?
Category : Income Tax | Answers : 2 | Comments : 2 | Hits : 284
Answers
Answer By: Ashish Karundia
Dear Manoj,
Under the Income Tax Act, 1961, Agricultural Land is divided into two parts i.e. agricultural land situated in rural area and agricultural land situated in urban area. The agricultural land which satisfies the condition laid down in section 2 (14) (iii) of Income Tax Act, 1961 is treated as agricultural land in rural area. Further, you can refer the following link in order to understand the meaning of agricultural land (http://incometaxindiapr.gov.in/incometaxindiacr/contents/DTL2011/wpsec2(14).htm)
Under the Income Tax Act, 1961, Agricultural Land is divided into two parts i.e. agricultural land situated in rural area and agricultural land situated in urban area. The agricultural land which satisfies the condition laid down in section 2 (14) (iii) of Income Tax Act, 1961 is treated as agricultural land in rural area. Further, you can refer the following link in order to understand the meaning of agricultural land (http://incometaxindiapr.gov.in/incometaxindiacr/contents/DTL2011/wpsec2(14).htm)
Answer By: Siddharth Bumb
yes agree with ashish sir.. refer section 2 for that...
Comments
CA Vinod Kumar
24-Dec-2011 , 12:03:31 pmDear Manoj Saini, Tha land is urban if satisfy the following two conditions:- 1. It is situated in any Municipality, Cantonment board the population of which exceeds 10000 as per last census conducted. 2. The land is urban if it is within 8 k.m from the area in part 1 mentioned above. Thanks
Manoj Soni
24-Dec-2011 , 03:41:37 pmI do know the definition but I want to know the procedure to know the same from any prescribed authorities. Please suggest that. ThanX in Advance !