Capital gain tax exemption on Agricultural land

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  1. aschandrawat

    aschandrawat New Member

    I am a proprietorship firm living in municipality town Manasa population is 26000. I have purchased a agricultural land in 2008 for Rs. 262000/- . condition of that land is as follow :-
    1. location of that land is 6 Km. from Municipality.
    2. Land come under a Gram Panchayat that's population just 3000.
    3. Still a agricultural land in record, because crops growing and cultivation going on.
    4. Nearest land is also a agriculture land.
    5. Not any Highway up to 6 km.
    6. Singal road is 2 km away from land.
    7. not any industry, warehousing up to 4km.
    after purchasing now the value of that land is 1671000 according to govt rate. now I am going to sell that land in same as Govt value(1671000).
    please suggest me does that land is capital asset? does I have to pay Capital gain tax?
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