Imran Hingora (Learner) (248 Points)
01 December 2011what shud b the treatment for sale of agricultural land ???
where shud i show it in ITR 4??
it is an agricultural land u/s 2(14)
(plz give reference)
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 01 December 2011
If such land is situated in rural area den its exempted from income tax and shoul be disclose in exempted income schdule in itr4.
Otherwise it will be given same treatment as for othr taxable capital asset and will disclosed as normally done for other capital asset sold.
Imran Hingora
(Learner)
(248 Points)
Replied 01 December 2011
yea.... i gt it.... bt can u plz specify where exactly under exempt income???
varun rawlani
(CA)
(31 Points)
Replied 01 December 2011
Under exemt income it should be in point 6 "Others, including exempt income of minor child"
jeevan
(Engineer)
(22 Points)
Replied 09 February 2012
if the agriculture land is sold by Party A and his 10 Legal Heirs.... (but the property is Party A's Self Acquired).....
then who all are liable for this gain tax...
What is the legal procedures if this Gain is not included in the Tax computation,?
Regards
Jeevan
CAclubindia
