15 February 2016
Sir, If a person sold the agriculture land outside the MCA area. where this capital gain shown under what head of ITR and what procedure he can follow for furnishing this income ?????
15 February 2016
Transfer (as per sec. 2(47)) of a rural agricultural land (not being a capital asset u/s 2(14)), no capital gain needs to be calculated. Moreover, the computation of gain or loss on its transfer itself is not warranted. There is no provision in the Return of Income to show such income/receipt. If at all you want to show, you may disclose at 'EI' schedule.
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