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capital gain or Wealth Tax

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(Querist)
29 December 2010 I want to know taxability in the following case:

An agricultural land sold & considerable amount of gain incurred.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 December 2010 Capital Gains if urban land sold.
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PRASHANT DEOCHAKE

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PRASHANT DEOCHAKE (Querist)
29 December 2010 Land is loacted in rural area.

Secondly, investment made in LIC gets any bebefit?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
29 December 2010 If located in rural area as per section 2(14) of IT ACt then no tax on sale.

LIC policy premium paid eligible for deduction u/s 80C but no deduction allowable from capital gains.
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PRASHANT DEOCHAKE

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PRASHANT DEOCHAKE (Querist)
29 December 2010 Thank you so much

Regards

Prashant Deochake

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