HOW MANY NON TAXABLE AMOUNT IN AGRIGALTURAL INCOME IN A.Y. 2018-19
I HAVE APPROX. 22000 SQ. MTR. Agriculture LAND IN THIS LAND I GAIN INCOME RS. 123000/- SO PLEASE TELL ME ABOUT TAX LIABILITY OF MY THIS INCOME. ( IN OTHER SOURCES I GAIN RS.260000/- INCOME TOTAL GAIN RS. 383000/- )
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AGRICALTURE INCOME
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Total agricultural income will be tax exempt.
As per GTI....... and section 87A rebate (rs. 500)...... your tax liability is Nil for AY 2018-19.
But you have to mandatorily file IT return. (ITR2)
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