Agricultural land sold
This query is : Resolved
11 August 2011
excuse me please
I Have face a problem regarding sold an agricultural land.
my problem is that the is profit make on above transaction is shown in the return if yes how and where.
I Have face a problem regarding sold an agricultural land.
my problem is that the is profit make on above transaction is shown in the return if yes how and where.
11 August 2011
Reply some questions?
Whether agri land situated within sphere of 8 km of notified city? If yes, then you have to calculate capital gain,either short term or long term.If period of holding is less than 3 years then shortterm gain other wise long term gain
use indexation for long term gain calculation then choose exemptionsU/s.54
show under Income from capital gains.
If agri land not situated within sphere of 8 km of notified city? choose to show in capital account
Whether agri land situated within sphere of 8 km of notified city? If yes, then you have to calculate capital gain,either short term or long term.If period of holding is less than 3 years then shortterm gain other wise long term gain
use indexation for long term gain calculation then choose exemptionsU/s.54
show under Income from capital gains.
If agri land not situated within sphere of 8 km of notified city? choose to show in capital account
11 August 2011
rural agri land is not an capital asset, while the urban agri land is capital asset, and gains arising on such sales of urban agri land is to be shown in "capital gains" after availing indexation.
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