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
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.
CAclubindia
