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Querist : Anonymous

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Querist : Anonymous (Querist)
24 November 2013 LTCG on sale of agri rural land
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
25 November 2013 if the land is agriculture land within the definition of section 2(14), no capital gains. Else capital gains tax shall apply.

So in case one, it will reflect as exempted agricultural income.

In case 2 it will reflect in "CG-OS" sheet as any other capital gains is reflected.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
25 November 2013 if the rural agricultural land is same as defined in the IT act,
Then no LTCG tax on such sale...
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
25 November 2013 but even if exempted capital gain is there then u need to disclose in schedule for exempted items.

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