01 August 2016
Where to show compensation for acquisition of rural agricultural land by government of India , while filing income tax return in form 4 .
plz help experts.
01 August 2016
A rural agricultural land (Refer section 2(14) of the Income Tax Act, 1961) is not a capital assets. The gain on sale of rural agricultural income not covered as income under any 'heads of income' of the income tax law. Disclosure as well not required. If you wish to disclose, may disclose at 'EI Schedule' of the ITR.
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