What shud be the treatment for sale of agricultural land

If such land is situated in rural area den its exempted from income tax and shoul be disclose in exempted income schdule in itr4.

Otherwise it will be given same treatment as for othr taxable capital asset and will disclosed as normally done for other capital asset sold.

yea.... i gt it.... bt can u plz specify where exactly under exempt income???

Under exemt income it should be in point 6 "Others, including exempt income of minor child"

if the agriculture land is sold by Party A and his 10 Legal Heirs.... (but the property is Party A's Self Acquired).....

then who all are liable for this gain tax...

What is the legal procedures if this Gain is not included in the Tax computation,?

Regards

Jeevan