Union Finance Minister in his Budget Speech the other day announced the Capital Gains Tax Exemption to the farmers who have given their lands under the Land Pooling Scheme of Amaravati. Farmers from 29 Villages, 25614 of them have given 32221 acres under the Land Pooling Scheme.
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They will get about 12000 acres of Developed Plots. Even if farmers sell 50% of this. They will gain about 4644 Crore through this Capital Gains Tax Exemption. This may increase further depending on the actual rate for which the land is sold. This exemption is applicable only to those who have lands before June 2nd, 2014 (Appointed Day).
This Exemption will be applicable to farmers who have sold their lands using Ownership deeds given by CRDA or until two years after the Developed Plots were handed over to the farmers. Capital Farmers in a celebration mood after the announcement.
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