14 July 2016
I sold an agriculture land in Assessment year 2016-17. The land is situated 12 kms away from the limits of the municipal and having populaiton less than 10,000. The purchaser gave me amount of Rs. 14,332,999/- after deducting TDS of Rs. 144,778/-. The sale price of Land was Rs. 14,477,777/-. So, Capital gain will be taxable or tax free? If Tax free, How should I have to show that?
15 July 2016
If it satisfies the conditions of section 2 (14) it will not be a capital asset- hence no tax.
disclose it in ROI under exempt income schedule
CAclubindia
