Union Budget 2017 comes as a relief to Amaravati farmers

Tabled by Finance Minister Arun Jaitley, the Union Budget 2017 has come forth as a relief for the farmers who parted away with their lands to Amaravati in the land pooling scheme.

Arun Jaitley announced that the Capital gains tax would be exempted for persons whose land was pooled for the creation of Andhra Pradesh capital. However, this exemption would be applicable only to those who held lands during the time of state formation on June 2nd, 2014 and had participated in the state government's Land Pooling Scheme.

Chief Minister Chandrababu Naidu had been trying to convince Centre on the issue and the farmers who have been subjected to huge taxes due to the surge in land prices can be exempted.