Which return should i file
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 April 2015
Sir,
My father is in the category of Senior Citizen wants to file his first ITR. His income is from tution fess receipt and bank interest and he has sold his agricultural land in the F.Y. 2014-15, which ITER should i File and what is the taxability of Agricultural land sold????????
My father is in the category of Senior Citizen wants to file his first ITR. His income is from tution fess receipt and bank interest and he has sold his agricultural land in the F.Y. 2014-15, which ITER should i File and what is the taxability of Agricultural land sold????????
06 April 2015
He should file ITR-4. Teaching, Vocational Training etc comes within the ambit of sec 28. Hence, his income will be assessed as 'Profits and Gains from Business/ Profession.'.
If the agricultural land is outside the urban area, the income will not be taxable as Capital Gains.
If the agricultural land is outside the urban area, the income will not be taxable as Capital Gains.
06 April 2015
I agree with john.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 April 2015
The status of Agricultural land is "rural". Such Amount of Sale of Agricultural land include in GTI. if possible pls make Computation.
13 April 2015
It will not form part of GTI.
Because Urban Agricultural land alone is a Capital Asset within the definition of sec 2.
So, it is not taxable at all. However, as a remark to the return, you may give it under Exempt Income.
Because Urban Agricultural land alone is a Capital Asset within the definition of sec 2.
So, it is not taxable at all. However, as a remark to the return, you may give it under Exempt Income.
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