The Union Budget 2017 -18 announced by Finance Minister brought extremely pleasant tidings for the farmers of Amaravati. The budget this year has mainly focused on middle class of the country and has been tactfully formulated to create a win win situation for all. Loud applause rang in as Jaitley announced what was in store for the farmers who gave their lands to Amaravati under the Land Pooling Scheme. Arun Jaitley kept his word as he announced exemption of Capital Gains Tax for the persons holding land that has been contributed towards the new capital city of Andhra Pradesh.
The details go as follow – tax exemption is applicable to only those who are holding lands by the time of AP State formation on June 2nd 2014, and should have participated in the state government’s Land Pooling Scheme. The CM has been constantly imploring the Center to expedite this and the results are here for all to see.
Capital Gain, the profit realized on the sale of asset purchased at a cost lower than the amount realized on the sale, will now be tax exempt. This is a huge benefit for the farmers who have been subjected to heavy taxes after their land prices surged upon the real estate boom.
This will not only impact the conditions for the farmers, but greatly boost their morale. The farmers of Amaravati can now look forward to great days ahead with pride.