01 July 2021
Dear Expert, One my client who is salaried employee , sold the aguriculture land situated in rural area during the FY 2013-14 . As per sec. 2(14) aguriculture land situated and rural area is not the capital assets, hence we have taken as a capital receipts not shown in ITR 2 in the col. of exempted income. My query is since it a capital receipt not a income, is it necessary to show in col of exempted income. Now he has recd. 148 notice, what is reply to be given , shall we include in exempted income and file return in response to notice u/s 148 or simply reply can be given please treat the same in response to your notice by quoting detail earlier return filled .
CAclubindia
