Where to Agricultural income in ITR.
Sale of Agricultural Land for Rs.2cr in Fy 2015-16, purchased in FY 2000-2001,for Rs.15 lacs.
Is it necessary to show such income in ITR.
2 Replies
ajay
(Student)
(178 Points)
Replied 30 July 2016
Dear jyothis,
Capital gains will be attracted if the same land is other than rural agricultural land. If the land is agricultural land show the sale proceeds in capital gain section in relevant itr.
If the agricultural land is rural land show the sale proceeds in exempted income section in relevant itr.
ajay
(Student)
(178 Points)
Replied 30 July 2016
Dear jyothis,
Capital gains will be attracted if the same land is other than rural agricultural land. If the land is agricultural land show the sale proceeds in capital gain section in relevant itr.
If the agricultural land is rural land show the sale proceeds in exempted income section in relevant itr.
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