AP Government urged Centre for waiver off Capital Gains Tax (CGT) to Land Owners in Amaravati on grounds that they took part in Land Polling for the sake of New Capital.
During the presentation of Union Budget 2017 on Wednesday, Union Finance Minister Arun Jaitley lauded the efforts of AP Government in implementing Land Pooling Scheme (LPS) instead of opting for Land Acquisition. He also waived of Capital Gain Tax to the land owners in Amaravati.
On the other hand, Centre makes it clear that Capital Gain Tax doesn’t apply for those who sell their house two years later.
State Government pooled around 35,000 acres in Krishna-Guntur districts to build new capital. Temporary Secretariat is functional in Velagapudi. Very soon, Temporary Assembly will be ready. Works of the core capital were yet to begin. AP Government is hopeful of receiving sufficient funds from Centre for construction of new capital.