Taxability of income

This query is : Resolved

Divya sharma (Querist)
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22 July 2008 HELLO FRIENDS

I HAVE FEW DOUBTS ON CERTAIN ISSUES.

CASE STUDY : X IS A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .

NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .

AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????

IF ITS NOT SHOWN THAN IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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23 July 2008 Is X's land situated in any area within the jurisdiction of a municipality or a cantonment board having a population of 10000 or more Or in any notified area? Then only the question of capital gains on sale of agricultural land for Income tax purposes arises