Capital gains 54 ec

1. Well, firstly the due date has been extended to 31.08.2019.

2. Secondly there is an option but no one is interested to follow that, so better to complete the formality before filling the return.

Sir,

A query.  Please  clarify.

Am i right to say that sale of agricultural land is agricultural income? as it is mentioned in the act that any rent or revenue derived from land situated in india and used for agricultural purposes is agricultural income.

 

There is vast difference between income and gain.

Sale of land which is treated as an asset is considered under capital gains and is not agricultural income.

However RURAL Agricultural land is not considered as capital asset, and any gain arising over its sale is not liable for capital gains; means its tax exempt...  While not the same if urban agricultural land.

Urban agricultural is a land means the following:

1) Land in any area which is within the jurisdiction of a municipality or cantonment board and have a population upto 10,000.  OR

2) Land in any area within such distance, measured aerially, in relation to the range of population:

The population referred above is to be considered as per the immediately preceding population census. 

Excellent sir...thanks very many...

Regards 

A.K.Srinivasan 

Is the answer right...? I am removing GST on the total of Rs.11,80,000. 
Which includes commission and freight. Here already GST would have been paid by recipient ofcommission and again if it is included in the value of taxable supply then will it not result in GST being paid twice to government on the same commission amount?