income tax capital gain for agricultural land

The answer is a plain no, suggest you consult a good CA/Advocate/Tax Consultant locally to overcome the problem.

In respect of  immovable property, income tax is chargeable for any gain in transfer of property in form of sall/ purchase.  It is very difficult to answer the qurrery of Mr.susil becasue details relevant informations are not available there.  For sulution please inoform the followng details

What is the date of purchase of such land?

What is the date of Sale of such land?

Regarding 20laks of tax, Whcih kind of tax you have paid and on which date you have paid?:

Also other relevant information please give to answer property.

Mr Sushil,

The land which you have delat in is a Capital Asset as the same is within the Municipal limits and chargeable to Capital Gains Tax.

Further as you held this property for less than three years, you are liable to pay short term capital gains tax which in your case will be maximum marginal rate of tax (30% plus surcharge and cess) considering the amount of gain.

There is nothing within legal framework by which you can save this tax. I advise you not to fall pray of any tout who may suggest you booking of some bogus capital losses. Such things come to the notice of department sooner or later and the consequences thereof are quite painful.

You have earned great returns within very small time frame. So pay the tax dues and relax.