What is the actual definition of agriculture land that OCI holders cannot own?
Posted: Fri Aug 18, 2017 5:17 pm
BIT Urgent. Quick response would be very helpful.
I was unable to find an actual definition of agriculture land by RBI FEMA. Is the definition by FEMA same as the definition by IT?
For income tax purposes, the definition is in the income tax at at:
https://indiankanoon.org/doc/545792/
agricultural land in India, not being land situate-(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette;]
I was unable to find an actual definition of agriculture land by RBI FEMA. Is the definition by FEMA same as the definition by IT?
For income tax purposes, the definition is in the income tax at at:
https://indiankanoon.org/doc/545792/
agricultural land in India, not being land situate-(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette;]