Tax on sale of agriculture land

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Arun Bansal (Querist)
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20 September 2012 we had a agriculture land located in a village, which was purchased in 1951-52 by parents and we (5 members of family) have sold own total share worth Rs. 3565000/- during F.Y 2010-11. i.e Rs. 713000/- each share.what is our tax liability.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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20 September 2012 If it is situated in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year then it will be exempt from tax

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