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Sale of agriculture land

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 July 2016 I sold an agriculture land in Assessment year 2016-17. The land is situated 12 kms away from the limits of the municipal and having populaiton less than 10,000. The purchaser gave me amount of Rs. 14,332,999/- after deducting TDS of Rs. 144,778/-. The sale price of Land was Rs. 14,477,777/-.
So, Capital gain will be taxable or tax free?
If Tax free, How should I have to show that?


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ABHIMANYU JHAMBA

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ABHIMANYU JHAMBA (Expert)
15 July 2016 If it satisfies the conditions of section 2 (14) it will not be a capital asset- hence no tax. disclose it in ROI under exempt income schedule
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