Taxation on sale of na land


Dear Sirs, We are two friends holding individually Agricultural land in rural Maharashtra, which we had purchased in 1996-97, and now partly converting it into NA land. After forming LLP (by we two partners) we wish to develop it with proper boundary, internal roads, water pipelines, electric poles, gutter lines, fencing of plots etc. After developing this NA land we wish to sell these plots to interested clients. Now what will be taxation implication on this to us individually and to our partnership (LLP) firm. After selling this NA land can we purchase Land - NA or Agriculture in Maharashtra or anywhere in rural area - or residential or commercial properties in city area. I shall be highly thankful for the expert comment. With Best Regards Tejaram Choudhary tejaram@hotmail.com
 
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