Income from capital gain from sale of agriculture land

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Ravinder yadav (Querist)

13 August 2014 Dear sir ,I had sell my agriculture land worth Rs-3 crore to pvt builder in the F.Y 2012-13.My first question is that the income from above capital gain is taxable or not 2.And my income from other sources (interest) is 25 lacs in which 2.5 lac amounting TDS is deducted by bank. And I also paid income tax on above income as per computation in A.Y 2013-14-15. I do not find any good investment so after the expiry of 3 years of capital gain.I kept money in my account. I want that is there is any condition that amount of capital gain should be invested within 3 years or not.And if I am satisfy with my interest income and do not invest money anywhere and paid income tax properly. So can I kept these amount of capital gain for long time.Also tell me the calculation of advance tax.Please provides me suggestions .

Rupesh Jain

Rupesh Jain (Expert)

13 August 2014 land in rural area then its exempt form tax.

if it is in urbal area then you can take exemption u/s 54B for investing in any another agriculture land. if you not making investing in land with in two year from tfr then you have to pay income tax.
till purchasing the amount will kept in capital gain a/c scheme 1988 with bank.

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