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what is criteria to decide as he land is rural or urban?
30-Jun-2023 (In Tax Law)
My agricultural land is situated at approx 8 kms aerial distance from municipal corporation limit.How I can decide it as rural or urban land from long term capital gain point of view.As per income tax act rural land is exempted from capital gain tax.I want to resolve my doubt .Thanks
According to new law from 2015. the range for capital gain purpose is changed. Now the limit is 6 KM from municipal limits, if the population of of city is from 1 lakh to 5 lakh and the limit is 2 km from municipal limits if the population is up to one lakh.
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Adv. Surinder Rohilla
Karnal | 25+ Answers
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