![]() ![]() It should be noted that under Section 10(37), capital gain shall not be chargeable to tax if agricultural land is compulsorily acquired under any law, and the consideration of which is approved by the central government or banking regulator and received on or after 01-04-2004. In case it is an incident of compulsory acquisition, the period of acquiring new agricultural land will be assessed from the date of receipt of compensation. The taxpayer should purchase another agricultural land within two years from the date of selling the old land. This benefit can only be claimed by an individual or a HUF. It must be noted that under Section 10(37), capital gain shall not be chargeable to tax if agricultural land is compulsorily acquired under any law, and the consideration of which is approved by the central government or banking regulator and received on or after 01-04-2004. In case of HUF, the land should be used by any member of HUF. The agricultural land should be used by the individual or his or her parents for agricultural purpose for at least two years immediately preceding the date on which the exchange of land occurred. This benefit can only be claimed by an individual or a HUF ![]() To claim tax benefit under Section 54B of the Income Tax Act, the following conditions will have to be satisfied: Section 54B of the Income Tax Act, 1961, provides relief to taxpayers who sell their agricultural land and use the sale proceeds to acquire another agricultural land. 5,000, the individual will have to disclose the agricultural income in ITR 2. In case the agricultural income crosses Rs. 5,000, the individual will have to disclose the agricultural income in the income tax return (ITR). Note: If the individual’s aggregate agricultural income is up to Rs. Step 3: The actual income tax liability shall be B1-B2 ![]() Step 2: Let us regard basic exemption slab for income tax payment as A You also get the ease of selecting from other payment options like Debit/Credit Card or Net Banking. Having a registered Paytm wallet can also offer you loads of benefits. Make sure that you have enough balance in your Paytm wallet, as it helps you in faster checkout. Step 1: Let us regard agricultural income as X and other income as Y On Paytm, you can book your bus tickets in less than a minute without any hassle. If these two conditions are met, tax liability shall be computed in the following manner: 3,00,000 for individuals above 60 years of age). 2,50,000 for individuals below 60 years of age and Rs. Total income, excluding net agricultural income, surpasses the basic exemption limit (Rs. Net agricultural income is greater than Rs. However, agricultural income is considered for rate purposes while assessing the income tax liability if the following two conditions are met: The central government cannot levy tax on the agricultural income received. As per Section 10(1) of the Income Tax Act, 1961, agricultural income is exempted from taxation. ![]()
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