Income on sale of agricultural land

Sowmya.S.Balan (Paid Assistant) (749 Points)

28 July 2014  

DEAR SIRS

IN MY CASE OUR AGRICULTURAL LAND IS TAKEN BY KOCHIN REFINERY. IT IS NOT A COMPULORY ACQUISITION. IT IS AGRICULTURAL LAND COME UNDER SEC 2 (14). AGRICULTURAL LAND IS NOT A CAPITAL ASSET AS PER INCOME TAX ACT . WHETHER SUCH INCOME IS TO BE SHOWN UNDER CAPITAL GAIN OR ANY OTHER HEAD OF INCOME IN ITR. PLEASE HELP ME. ITS VERY URGENT