From: ALOK FARSAIYA <farsaiya@sancharnet
To: ICAI_CIRC_MEERUT_
Sent: Monday, 7 January, 2008 6:07:18 PM
Subject: Re: {Brainstormers -CA} query about sale of agri land
----- Original Message -----From: Prasad PKSent: Monday, January 07, 2008 1:46 PMSubject: Re: {Brainstormers -CA} query about sale of agri land
Dear Mr. AlokHow to get access to such notifications to see whether a particular place is notified or not?Regards,Prasad----- Original Message ----
From: ALOK FARSAIYA <farsaiya@sancharnet .in>
To: ICAI_CIRC_MEERUT_ CA@yahoogroups. com
Sent: Sunday, 6 January, 2008 11:05:52 PM
Subject: Re: {Brainstormers -CA} query about sale of agri land
Dear FriendsI want to add some thing into the views of CA Anil VermaIt is not so that at all places the concept of distance of 7 km from municipal limit is applicable.The distance from Municipal limit is to be chekced as per the notification issued by Govt in this reference, for some cities the distance is less then 7 km and if the name of city is not there in the said notification, then the land just at the border but out side the minicipal limit will also come into the defination of Agri. land and thus will be exempt from capital gainCA ALOK FARSAIYAAGRA----- Original Message -----From: anil vermaSent: Sunday, January 06, 2008 7:28 PMSubject: Re: {Brainstormers -CA} query about sale of agri land
DEAR COLLEGUE,THE AGRICULTURE LAND IS LOCATED AT DISTANCE OF 7 K.M. FROM THE MUNICIPAL LIMIT HENCE COVERED BY DEFINITION OF CAPITAL ASSET THEREFORE CAPITAL GAIN IS TAXABLE .THE REMEDIES TO SAVE THE CAPITAL GAIN IS AVAILABLE U/S 54B AND 54EC.IT IS TO BE NOTED THAT DISTENCE OF 8 KM FROM MUNICIPAL LIMIT IS IN ALL DIRECTION I.E. AIR DISTENCE.
Mahesh Kabra <mahesh.kabra@ gmail.com> wrote:Dear colleague,You said its in gram panchayat area and 7 KMS from muncipality. Its not taxable under capital gain.
On 12/11/07, shalin.agrawal <shalin.agr@rediffma il.com> wrote:Dear Friends one of my client sale his agri land details of it as
follows pls guide me that is it taxable under capital gain
Agr land is of approx 5 acres ,purchase in 1996, situated in gram
panchayat area , but 7KMS from munucipality area , gram panchayat
population is less than 10000
regards
shalin agrawal
chhindwara.
--
with regardsMahesh Kabra
9860605561
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