Sale consideration of Agricultural land in rural India should be shown at which place in ITR
4 Replies
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 10 July 2019
1. According to sec 2(14) rural agricultural land has specifically been excluded from the scope of Capital Asset and hence the sale of such land will not be subject to Capital gains tax.
2. However with respect to ITR filing, if there is a specific space for you to show it is better to show the same. But if no specific space is given, I would advise you to leave and file as it is.
Please correct me if the above solution has an alternative view.
Amit
(CA Practice )
(107 Points)
Replied 11 July 2019
Sale of agricultural land in rural India -issues
1. If it is exempted : under which provision ?
2. If it is agriculture Income ?
3. If none of above then what are the provisions under Income tax law for this
With Regards
Amit
Amit
(CA Practice )
(107 Points)
Replied 11 July 2019
Sale of agricultural land in rural India -issues
1. If it is exempted : under which provision ?
2. If it is agriculture Income ?
3. If none of above then what are the provisions under Income tax law for this
With Regards
Amit
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