income on sale of agricultural land

What treatment are u asking about??

I mean, u r recieving the money which is exempted, do whatever u want to do with it

Yes, Mr. Dhiraj is right ?

The Accounting treatment would be

Cash / Bank A/c ...Debit

To Agricultural Land A/c. ...Credit (cost of land)

To Capital A/c.......Credit (Profit/gain on sale of land)

Sale of Rural agricultural land is tax freee............. So no worries about the same......... Enjoy..........

if rural agricultural land is acquired and sold in a short period (say 1 month) will the gains be taxable?