Agriculture land sale capital gain
This query is : Resolved
27 September 2021
please suggest me
agricultural land situated in a area beyond 2 kilometers from the local limits of municipality which has a population of less 1 lacs . is sale proceeds of such land is liable to tax under capital gain . if so how to show the proceeds of sale in a return of income
agricultural land situated in a area beyond 2 kilometers from the local limits of municipality which has a population of less 1 lacs . is sale proceeds of such land is liable to tax under capital gain . if so how to show the proceeds of sale in a return of income
27 September 2021
If the land is beyond 2 KM measured aerially, form the local limits of the municipality, having population less than 1 lakh, it will be treated as Rural Agricultural Land, as per sec. 2(14) of IT act.
No capital gain liability over its transfer/sell.
No capital gain liability over its transfer/sell.
27 September 2021
In your case, agriculture land is not capital asset as per 2(14) of IT Act.
So at the time of selling it question of capital gain doesnt arise, as capital gain attracts only on transfer of capital asset
Dont disclose in ITR is my suggestion, you can clarify to tax officer if they send any notice to explain transaction.
Schedule EI is the place to report this in ITR-2 FORM
So at the time of selling it question of capital gain doesnt arise, as capital gain attracts only on transfer of capital asset
Dont disclose in ITR is my suggestion, you can clarify to tax officer if they send any notice to explain transaction.
Schedule EI is the place to report this in ITR-2 FORM
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