Dear Friends,
One of my friend sold a Agricultural Land at arround Rs, 1,00,00,000.00 (One crore) only during September 2017. What is it's impact on IT.
5 Replies
neeraj gupta
(1138 Points)
Replied 17 October 2017
Also his other taxable income, whatever is more than 2.5L will be taxed at 30% i.e. the highest bracket
neeraj gupta
(1138 Points)
Replied 17 October 2017
excluding any income that is taxed at special rates.
lalith h b
(12 Points)
Replied 17 October 2017
It will be fully exempted under section 10(1)
However this exemption will also lead him to pay more tax, as this agricultural income will be considered for co. putation of total tax liablity under Scheme Of Partial Integration
However this exemption will also lead him to pay more tax, as this agricultural income will be considered for co. putation of total tax liablity under Scheme Of Partial Integration
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