Sale of Agri land situated in rural area

This query is : Resolved

Report Abuse Follow Query Ask a Query

amol

amol (Querist)
Follow

22 February 2010 Whether it is consider as income from other sources?
If no, what is the impact from IT angel?

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
Follow

22 February 2010 Dear, because u/s 2(14) Agricultural Land situtated in Rural Area is not a capital asset, therefore you should not need to show amount received from this property on anywhere in ITR.

Therefore, it is fully exempt income.

Enjoy!!!!

Regards!!!
Dinesh S. Adhikari

amol

amol (Querist)
Follow

22 February 2010 thanks

Upgrade to CAclubindia Pro. Subscribe Now!

amol

amol (Querist)
Follow

22 February 2010 thanks