Capital gain on rural agri land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2015 Sir, if person has made sale of rural agri land ,then its is not a capital assets,so no capital gain then we need to show or not in computation or in ITR
please give me some notes on this so i can submit to related person.

thanks in advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 March 2015 u need to claim in exemption schecdule in itr..so u need to claim the exemption in itr.

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2015 Tushar sir, in Itr Exempted income from sale of agri. land is not reflecting.its showing Agri income u/s 10(1)
and according to other expert views its a capital receipt not a income no need to show in Itr as well as in Computation

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 March 2015 whether claiming as exemption or deduction u have to claim in itr then only its aqllowed...it cannot be deemed even if ur eligible for the same.

so u need to reflect the same in itr and refer this link and sec 54 in it.

http://taxguru.in/income-tax/section-54gb-exemption-capital-gain-transfer-residential-property.html

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2015 tushar sir in Itr where this option is reflecting ,we are using winman software

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 March 2015 under the head capital gain schedule cg check it.

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2015 i checked but didnt find income from sale of agri . land

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2015 Tushar sir i checked but didnt find income from sale of agri. land

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 March 2015 pls see the table mentioned in the link...it says which capital assset so under sec 54b it says for transfer of agriculstural land.

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