Tax on sale of agriculture land

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Arun Bansal (Querist)
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21 September 2012 We had sold a agriculture land situated at village, which was purchased in 1951-52 by my parents.the village is under gram panchayat and 9.1 km from the municipality limit.we sold the land in 2010-11. what is our tax liability.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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21 September 2012 It is not a capital assets according to the section 2(14) of Income tax act. So gain on non-capital assets exempted to tax so no tax liability to you.

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