CASE STUDY : X IS A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .
NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .
AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????
IF ITS NOT SHOWN THAN IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .
23 July 2008
Is X's land situated in any area within the jurisdiction of a municipality or a cantonment board having a population of 10000 or more Or in any notified area? Then only the question of capital gains on sale of agricultural land for Income tax purposes arises
CAclubindia
