New Delhi: In a boon to Amaravati farmers, Finance Minister Arun Jaitley, while presenting the Union Budget 2017, abolished Capital Gain Tax for those who gave their land for Andhra Pradesh capital Amaravati under the land pooling scheme.
"Those whose land was used as land pool for development of Andhra Pradesh's new capital have been exempted from capital gains," said Arun Jaitley.
"Capital gains tax holding period down to 2 years from 3 years."
This exemption is applicable on those holding lands by the time of Amaravati formation on June 2, 2014
prime Minister Narendra Modi had laid the foundation stone for Amaravati on October 22, 2015, at a grand ceremony.
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