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Captal gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 September 2016 I have sold an agricultural land which is situated more than 20Km away from the nearest municipality and the population of the village where the land is situated is 3,500 as per latest census. Will my property be considered rural or urban agricultural land for tax purposes ?
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Expert : Anonymous

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Expert : Anonymous (Expert)
07 September 2016 dear the distance ro be checked is arial distance and not the distance by road.. if then all the conditions are fulfilled then it's rural land
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 September 2016 I have checked the distance aerially its about 15Kms .. Now, Since . my land was a rural agricultural land. How do I report this sale in ITR2 and how do I show this sale as exempt in ITR. I was a NR during the year when I sold this property. Kindly advice.
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Taxguy

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Taxguy (Expert)
22 November 2016 You can show the sale of land in ITR 2 under capital gains schedule as it applies any sale of immovable property.
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