Finance Minister Arun Jaitley’s union Budget unveils tax initiative for building Andhra capital.
The new capital is constructed by land-pooling mechanism without use of Land Acquisition Act. Jaitley proposed Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of AP.
Amaravathi folks are happy with Exception of Capital Gain Tax, TDP and BJP leaders distributed sweets to the farmers in the capital region. Andhra Pradesh Chief minister Chandrababu Naidu welcomed the Union Budget stating that, Budget 2017 will steer the nation in the right fiscal direction. Growth-specific spending will boost infra and employment generation. He also thanked Arun Jaitley for giving capital gain tax exemption to farmers who have pooled their lands towards construction of Amaravati.