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Income tax rules

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 November 2012 we have sold our ancestral property of Agricultural land for 25 lakhs in nov-2012. We are 2 brothers and 1 sister all are elders and my mother is alive. And we don't have PAN card. My query is, what is the income tax rules for filing the income tax and what are the remedies to escape from the payment of income tax
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Pankaj Gupta

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Pankaj Gupta (Expert)
24 November 2012 Was that land used for agriculture purpose?
And where it was located? ie rural area or urban area.
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 December 2012 yes it is a agricultural land used for coconut farming. it is in Mysore district of Karnataka State. it is a rural area.
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Pankaj Gupta

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Pankaj Gupta (Expert)
15 December 2012 It is an agriculture land situated In rural area which is exempt from income tax. Hence no tax will be payable.

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