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?
Clarification sought on income tax implications for 2012-13 sale of agricultural land under 111 G.O. restrictions. An individual inquired about the tax implications on the sale of agricultural land purchased in 2005 in Janwada Village, Medak District, under a company primarily focused on construction and development. Due to government restrictions (111 G.O.) prohibiting construction, agricultural activities were conducted on the land for three years before its sale in the financial year 2012-13. The individual seeks clarification on whether the profit from this sale is subject to income tax. A respondent asked if the issue was resolved but did not provide further information. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
