Tax palanning advice

If the land sold  is agricultural land and if it is RURAL Agricultural land, there will not be any tax liability on any capital gains, then what sort of Tax Planning you require?

Thanku Very Much Sir 

Is There Any Possibility To Get Notice From Incometax Dept Regarding Disclosure Of That Capital Gain Amount n If He Want To Sale That Agriculture Land For Fully Through Banking Channels Any Problem For My Client? Is it  Better To Show Part Of It Is Through Banking N Part Of It Is Through Cash. If It Is So How Much Can He Show As Cash N Whatpart Would Be Bank Without Suspicious From Dept ? One Another Doubt Is That What Portion Of Share Can Be Put Into Longterm Investment For Better Returns?Kindly Guide Me.

The Transction Will Be Taking Place Is Somehow Weightful So That Is Why Iam Requesting U For Ur Precious Advice.

First of all, let you be 100% sure that the land is RURAL AGRICULTURAL land.

As Per Section 2(14 )” capital asset” means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include-

(iii)  Agricultural land in India, not being a land situated-

a)    In any area which is comprised within the jurisdiction of a municipality (whether known as municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand [according to the last preceding census of which the relevant figures have been published before the first day of the previous year]; or

b)    In any area within the distance, measured aerially,-

(I)           Not being more than two kilometers, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or

(II)          Not being more than six kilometers, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or

(III)        Not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.

Explanation.—For the purposes of this sub-clause, “population” means the population according to the last preceding census of which the relevant figures have been published before the first day of the previous year;

Thus, This condition is satisfied than agriculture land will be rural agriculture and accordingly not liable for capital gain tax.

If the transaction is through banking channel, you need not worry for any departmental enquiry. 

But if the land comes within the parameters as defined u/s. 2(14), it will not be a capital asset, and hence it will attract capital gains. So, get the report from the town planning office for the aerial distance of the land from nearest Municipality, along with the population of the city/town.