Agricultural income or capital gain

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aravinda (Querist)
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22 June 2012 Namaste

I am ARAVIND G from Bangalore, need some guidance from your end.

My father-in-law has income from Pension, House property,Professional and Other Sources.
He and his brothers has sold Ancestor agricultural land near Outskirts of Bangalore for Rs.240000/- and his share is of income is Rs.80000/-.

My query is, Rs.80,000/- has to be treated as agricultural income or long term capital gains??????????

Please answer my query and oblige
aravindagprasad@gmail.com

vineet kumar agrawal

vineet kumar agrawal (Expert)
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23 June 2012 dear arvind , one thing i want to clear that as per your query , income comes from sold of agriculture land not from the sale of crop. so, you have to pay long term capital gain tax as per the rules.