Selling of agricultural land

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omna (Querist)
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29 October 2012 my father is retired and 64 year old and has sold the ancestral agricultural land at Patna for rs 50 lacs.
now he has bought again agricultural land in Pune for rs 20 lacs, out of 50 lacs, he also bought new 2 BHK flat for rs 20 lacs in pune and remaining money ie 10 lacs he has invested in making two new floors in the house he is presently resinding.

now what is his tax liability.

omna

CA. Vikash Dwivedi

CA. Vikash Dwivedi (Expert)
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30 October 2012
where was the Agri land located, Rural area or Patna city?

If Rural Area then enjoy the Gain.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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30 October 2012 full Details are required as Vikash Sir have asked about the location of land
and also the Sale Consideration of the Land sold.

Sine the Taxability, Exemptions and deductions are based on the above items.

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