Sale of agricultural land
This query is : Resolved
30 July 2011
where to show sale of agricultural land in rural area in IT Return?
30 July 2011
No column provided in the forms. Hence no way out.
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30 July 2011
any way i have to show that coz its in crores
30 July 2011
The resultant Capital Gain is to be shown in Schedule EI : Exempt Income in Others Category
30 July 2011
Agricultural land situated in rural area is not a capital asset. Hence Profit on sale of such land is not a capital gain. Therefore, question of exemption does not arise and schedule E1 is not a suitable field to show sale value of rural agricultural land.
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