What is the treatment of profit on sale of agricultural land in case of corporate and individual assesse ?
And how to show it in ITR ?
Is there any deduction in MAT for aforsaid income ?
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Treatment of profit on sale of agricultural land
Replies (1)
Agricultural land not taxable.
Forfeiture of money not taxable now. But your purchase price will be reduced by 4.5L. Suppose u had purchase the commercial property for Rs. 5L. Now when u sell it COA shall be 50,000.
All the best 
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