Sale of agricultur land - is income is taxable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2015 I had purchased agriculter land in Aug 2009 at Rs. 7,15,000 of which sale agreement made at Rs. 2,00,000.

I have sold the land at 14,50,000 of which agreement made at 1,60,000.

The land is situated on the proposed National High way under construction, but in the rural area. Not near municipal limit and village population hardly 1,000.

Full amount is received by D.D. and the amount received will be utilised for repayament of housing loan taken in 2011.

My qyery ia :

1. Will the amount liable for tax (income/capital gain);

2. If yes, what would be tax payable and what are the means to save tax by inveting in some where else.

I am Sr. citizen, if any benefit in this trasaction would be applicable.