LTCG regarding

                   I hope the above mentioned is not agriculture land , so as per section 112 of the income tax Act, LTCG on sale of Immovable property (other than House property) will be taxed 20% with indexation .so In my opinion you have to find out the Value of Land in 2001 from registrar office or register Govt valuers for cost of Indexation and LTCG . ( at present base year is 2001 for Calculation)
                As per section 54F of the Income tax act, with subject to conditions in the section, you Can invest in purchase of residential property to claim exemption.
              please wait for others opinion as well. or confirm with others also .

SEC 112A OF INCOME TAX ACT 1961 DOES NOT DIFFERNTIATE BETWEEN LAND AND EQUITIES.

 

@ Ayyam Sundaram ,

It can't be brought under normal IT slabs since it is covered by Income from capital gains.

Get the FMV on 01.04.2001 Registrar or Sub registrar and consider it as cost and apply indexation and capital gains based on it .

@ Asabyasachi,
112 and 112A both are different, tax rates are different, 1lac LTCG is tas free under 112A. Don't post irrelevant comments every time

Not possible...assessee required to pay tax @ 20%

But , he Can claim exemption under section 54F , by purchasing Residential property or construct his own house with in stepulted period mentioned in 54F , subject to conditions under section 54 F of the income tax Act , please refer section 54F in detail.

Pls chk for the sections . it is absolutely correct. No anamoly.Though it is not covered under normal income tax slabs but while computing gross total income all heads are compiled under various sub heads.
it is always correct.
10% in excess of 100000 .is the tax rate.