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capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2010 I have sold rural agriculture land. Amount received by me of Rs. 1.5 Crs is deposited in saving account. Now I want to spend this amount as per my desire. Can i do like that ? can I.T. Dept. interfere or not ?
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
19 March 2010 no
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
19 March 2010 agriculture income is exempted for income tax, then you have no problem.

But if you have any other taxable income then agriculture income is also consider for tax computation purpose.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
19 March 2010 No Problem
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