28 September 2011
Sir, I am a govt. servant. I am paying income tax and filed income tax return. I have a ancestral agricultural land in rural area which is ten km far from manciple area. In the year 2009 I sold a piece of this land sum of Rs. 16.3 Lakh. In this regard, I have to need to some quarry. Whether I have to pay income tax on this sale? or exempted? Whether I have to show this amount in income tax return? If I have to pay income tax, up to what amount? It is, therefore, requested that kindly inform me. Thank u very much.
01 October 2011
The condition u mentioned far from municipal office is applicable for identification of asset for wealth tax but in case of sale of land should be come under the capital gain tax and calculated Short term capital gain in case sale after holding less than 36 month otherwise long term capital gain raised.
CAclubindia
