We are two brothers. After the death of our father who died before 13 years, the ancestral agricultural land came to us by inheritance. The concerned land is situated some 14 to 15 kms way from a town having population around 20,000. As such the land is not a "capital Asset" within the meaning of section 2/14 of I.T.Act. We have sold the land for total consideration of Rs. 22,00,000/- by receiving Rs.4,00,000/- at the time of agreement to sell in December 2009 (FY 2009-10) and remaining amount of Rs.18,00,000/- at the time of final sale deed in October 2010 (FY 2010-11). We ar willing to file our individual returns for 50% share each and are not willing to purchase new agricultural land. Our questions are -
1) Whether section 54B is applicable to this case or otherwise
2) In which form and under which head we should show the amounts received?
