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Agricultural land sale

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 March 2017 Agricultural land is situate in the jurisdiction of item a , b of sub clause (iii) of clause 14 of Section 2. It is sold and (not compulsorily acquired) earned gain on it. How this gain income will be treated and under which section. Since agricultural land which is situate in as per item a, b of sub clause (iii) of clause 14 of section 2. is not capital asset
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CA Gopal Somani

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CA Gopal Somani (Expert)
10 March 2017 Agricultural land in rural area is not a capital asset. So there will not be any capital gain on that. Therefore its sale value is "excluded" for income tax calculation.
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Querist : Anonymous

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Querist : Anonymous (Querist)
10 March 2017 I DID NOT GET. IF IT IS EXEMPTED. THEN UNDER WHICH SECTION? HOW TO SHOW THIS EXLUDED INCOME IN I.T RETURN. AND IF THIS INCOME IS INVESTED IN PURCHASING HOUSE PROPERTY WHERE TO SHOW THIS INVESTMENT?
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