Sale agricultural land

bhaskararao donepudi (Querist) 31 March 2016 This query is : Resolved
sir

i sold an agricultural land cost of Rs 700000-00, but i received 1050000-00 as per market rate, i deposited the amount in saving account. how tax liability imposed on us.

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Surrender K Singal (Expert) 01 April 2016
If it is really agricultural land as per Income Tax Act, no liability..

Rajendra K Goyal (Expert) 01 April 2016
You received unaccounted money / black money equaling Rs. 3,50,000/-. Tax authority may slap penalty and tax as per Income tax law on this amount.

T. Kalaiselvan, Advocate (Expert) 09 April 2016
You can consult your auditor and show the income fully in the return and pay the applicable tax on the basis of sTCG or LTCG.

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