Over 28,000 AP farmers to gain from tax sop Hyderabad, Feb 1 (INN): Union Finance Minister Arun Jaitley, during his budget speech for 2017-18 in Parliament today, has announced that people who gave their land for construction of Andhra Pradesh's new capital Amravati would be given exemption from capital gain tax.
"The new capital for State of Andhra Pradesh is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act. I propose to exempt from capital gain tax, persons holding land on 2.6.2014, the date on which the State of Andhra Pradesh was reorganised, and whose land is being pooled for creation of capital city under the government scheme," the Union Minister said.
Speaking to media persons here, CRDA Commissioner Ch. Sridhar said that the announcement would benefit nearly 28,000 farmers who voluntarily gave up their land for the new capital. He said that the Centre has positively responded to the request made by AP Chief Minister N. Chandrababu Naidu on giving capital gain tax exemption.
News Posted: 1 February, 2017
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