Sale of Agricultural Land, Income Tax

[ajay kedia]

Dear Sirs,

Please clarify on the following issue:

I purchased dry agricultural land at Janwada Village, Ramchandra Puram Mandal, Medak Dist in the year 2005, in my company name.  My Company's main objects are to construct the villas, develop the plots etc.,

But, the Government of Andhra Pradesh had declared the area of Janwada under 111 G.O.  As per 111 G.O. the constructions are not allowed in the land.

Subsequently, I carried out the agricultural activity in the said land from last 3 years.

In the Financial Year 2012-13, we sold the said land.

Kindly let me know the profit on sale of agricultural land attracts tax or not?

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above said issue? If not please inform.