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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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
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