E-filing of retuns
This query is : Resolved
08 March 2013
HI,
IF AGRICULTURAL LAND IS SOLD DEN THE GAIN EARNED FROM SALE OF THE LAND SHOULD BE SHOWN UNDER WHICH HEAD . SINCE AGRICULTURAL LAND IS NOT A CAPITAL ASSET SO IT CANNOT BE SHOWN IN CAPITAL GAIN ..... CAN ANYONE GUIDE ME WHERE SHOULD I SHOW THIS INCOME AS EXEMPTED ?????
IF AGRICULTURAL LAND IS SOLD DEN THE GAIN EARNED FROM SALE OF THE LAND SHOULD BE SHOWN UNDER WHICH HEAD . SINCE AGRICULTURAL LAND IS NOT A CAPITAL ASSET SO IT CANNOT BE SHOWN IN CAPITAL GAIN ..... CAN ANYONE GUIDE ME WHERE SHOULD I SHOW THIS INCOME AS EXEMPTED ?????
08 March 2013
If such gain on agricultural land is taxable then under the capital head. If such gain is exempted then at the schedule EI under any other income exempted.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
08 March 2013
If you sold agricultural land is urban land then gain on such land is taxable and such agricultural land is capital asset and liable for capital gain tax/loss.
In case sold agricultural land is Rural land then gain on such land is exempted to tax because of rural agricultural land is not a capital asset and not liable for capital gain tax/loss.
So if the land is urban land then show at the capital gain schedule otherwise i.e if the land is rural land then show at the schedule EI at any other exempted income.
OM SAI SRI SAI JAI JAI SAI
In case sold agricultural land is Rural land then gain on such land is exempted to tax because of rural agricultural land is not a capital asset and not liable for capital gain tax/loss.
So if the land is urban land then show at the capital gain schedule otherwise i.e if the land is rural land then show at the schedule EI at any other exempted income.
OM SAI SRI SAI JAI JAI SAI
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08 March 2013
thanks for your response. the land sold is a rural land hence it will be shown in ei according to u.
08 March 2013
Yes,
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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