It Return of agriculture income
This query is : Resolved
12 October 2020
Dear all
A client received 25 Lakh from railway for sale of agriculture land situated in rural area. 50 Km distance from municipality.
But while I am preparing income tax return i have problem where this income is shown ,
Plz help me how to show this income in income tax return.
Thanks
A client received 25 Lakh from railway for sale of agriculture land situated in rural area. 50 Km distance from municipality.
But while I am preparing income tax return i have problem where this income is shown ,
Plz help me how to show this income in income tax return.
Thanks
12 October 2020
Show it under exempt income schedule.
14 October 2020
Plz write Section
Thanks sir
Thanks sir
14 October 2020
Section 2(14) defines the term capital asset. It provides an inclusive definition of capital asset. As per section 2(14) capital asset does not include agricultural lands in India within its ambit. But all agricultural lands in India are not out of the scope of capital asset.
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