Respected Sirs,
1]One year back we have sold agricultural land in maharashtra (after 7 years) & invested the money 83% in purchase of residential property & 17% in purchase of agriculture land. The land which is purchased is not in municipal limit & population is also less than 10000. We have shown this sale and purchase in our IT return and so the tax on it was nil.
2]Now after more than one year but less than three years, we wanted to sale that agriculture land & invest it again in new agricutural land. This I think will be a short term capital gain.
3]Do we need to pay income tax on it even after investment in another agricultural land?
Please advice.
CAclubindia
