GENERAL KNOWLEDGE

Detailed explanation-1: -CHANDIGARH: Haryana government has decided not to levy any property tax on land used for agriculture in urban areas only. With this, it has become the first state in the country to exclude land used for agriculture from the purview of tax by making amendments in the section of property tax.

Detailed explanation-2: -The total geographical area of Haryana is 4.421 million hectare and the area under forest is 45000 hectare. The cultivable area is 3.809 million hectare (86.2%of total geographical area) and the net area sown is 3.566 million hectare (93.6% of cultivable area).

Detailed explanation-3: -Haryana constitutes 1.5% of India’s area, yet contributes 15% of its agricultural produce, which has grown 7 times since the foundation of Haryana in 1966. About 86% of the area in the state is arable, and of that 96% is cultivated.

Detailed explanation-4: -As Rural Agricultural Land does not constitute a Capital Asset, therefore Capital Gains Tax is not levied on the sale of Rural Agricultural Land. This will apply irrespective of the value of the transaction and the capital gains tax on sale of agricultural land will not be levied in any case.