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.
Menu
Income tax on sale of agriculture land
Replies (5)
sale o agriltural land tax free
as per condition of income tax law
but need to file return for concern fy
Also his other taxable income, whatever is more than 2.5L will be taxed at 30% i.e. the highest bracket
excluding any income that is taxed at special rates.
it's fully exempted
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
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
Recent Topics :
- TDS on rent paid to RNOR Landlord. Can RNOR US tax
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
Related Topics :
CAclubindia
