we had recived sum of rs. 1 crore in agaist the settelment of court matter. the settelment is not taken place in court . we recived the 1 crore rupees for withdrawal of case and all right agaist the agriculture land which we already sold in 2007.
now we recived rs.1 crore in equal portion to 10 family member.
so how this 1 crore is taxabel or not to us. kindley explain following.. 1) is it long term capital gain for agriculture land?? as the amt recieved is due to agriculture land? 2) what to do to save tax liability?
CAclubindia
