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Tax for land selling

(Querist) 05 March 2016 This query is : Resolved 
I am a salaried person working as an Assistant Teacher in a Govt. sponsored institution. My gross salary for the F.Y.2015-2016 is Rs.4,50,000/-(Approx.).
I (jointly with my wife) have a piece of agricultural land of 6 decimal in a rural area. We wish to sell the land in March 2016. The selling price of the land is Rs.15,00,000/-(fifteen lakh). My wife is a non-salaried person.
How much tax will have to pay for the same?
Kindly advice.
Thank you.
BAALASUBRAMANNYAMM (Expert) 05 March 2016
you better to place this querry in www.caclubindia.com
Anirudh (Expert) 05 March 2016
1. You have to be sure that it is 'agricultural land'.

2. If that is an agricultural land, then if is outside 2 Kms from the Municipal Limits of the Municipality having population between 10,000 and 1,00,000;

OR

is outside 6Kms. from the Municipal Limits of the Municipality having population between 1,00,000 and 10,00,000;-

OR

is outside 8Kms. from the Municipal Limits of the Municipality having population more than 10,00,000;-

then it is not a CAPITAL ASSET and any profit arising from sale of such a land is not TAXABLE.
Rajendra K Goyal (Expert) 06 March 2016
Well advised, agree with the expert Anirudh.
R.K Nanda (Expert) 07 March 2016
consult tax lawyer.


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