i have one query regarding income tax calculation.
one of person purchased agriculture land for rs.500000 and convert said land to NA, after 4 year it is sold for rs. 3 cr.
note: 1.land converted to NA after 3 years from the date of purchase.
2. land situated in small village, poputation of the village is 12000 people.
how to calculate tax in above situation ? and under what section ?
CAclubindia
