06 April 2015
Sir, My father is in the category of Senior Citizen wants to file his first ITR. His income is from tution fess receipt and bank interest and he has sold his agricultural land in the F.Y. 2014-15, which ITER should i File and what is the taxability of Agricultural land sold????????
06 April 2015
He should file ITR-4. Teaching, Vocational Training etc comes within the ambit of sec 28. Hence, his income will be assessed as 'Profits and Gains from Business/ Profession.'.
If the agricultural land is outside the urban area, the income will not be taxable as Capital Gains.
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