(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.