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Income tax on sale of agriculture land

Tax queries 325 views 5 replies
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37 Points Posted on 17 October 2017

Dear Friends,

One of my friend sold a Agricultural Land at arround Rs, 1,00,00,000.00 (One crore) only during September 2017. What is it's impact on IT.

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On 17 October 2017 at 13:35 Report
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sale o agriltural land tax free 

as per condition of income tax law 

but need to file return for concern fy 

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On 17 October 2017 at 13:40
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1138 Points Posted on 17 October 2017
Also his other taxable income, whatever is more than 2.5L will be taxed at 30% i.e. the highest bracket
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On 17 October 2017 at 14:42
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1138 Points Posted on 17 October 2017
excluding any income that is taxed at special rates.
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On 17 October 2017 at 14:43
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1234 Points Posted on 17 October 2017
it's fully exempted
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On 17 October 2017 at 14:57
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12 Points Posted on 17 October 2017
It will be fully exempted under section 10(1)
However this exemption will also lead him to pay more tax, as this agricultural income will be considered for co. putation of total tax liablity under Scheme Of Partial Integration
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On 17 October 2017 at 16:28


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