disclosure of exempt capital gain
This query is : Resolved
09 January 2010
if agricultural land is sold and capital gain arising from such land is exempt then where to disclose such exempt income?
10 January 2010
(a) Include it in the computation and calculate the tax thereon; (b) calculate the tax on the exempt income as is done for those haing agl income and (c) deduct (b) from (a) the balance is the tax liability.
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