I bought a piece of agricultural land in rural area for a sum of 8 lac, wherein the guideline value was 40 lac and I had to pay duty on 40 lac.
My CA is saying I have to pay tax on 32 lac as per IT rules.. But is it applicable even for rural agricultural land also because what I know sale purchase of agricultural land in rural area is tax exempt.
If at all it is taxable how can I support to say it's not a gain for me.
Jan. 31, 2018