It return: capital gain

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This query is : Resolved

chetan (Querist)

27 July 2012 यह कि हमारे द्वारा कृषि भुमि बेची गई हैं जों कि शहर से 16 किलोमीटर दूर पर स्‍िथत हैं चुंकि यह पुँजीगत लाभ की श्रैणी में नही आता हैं अत: उससे प्राप्‍त लाभ को हमें रिटर्न में कहॉं पर दर्शाना चाहिए।

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

31 July 2012 In the return of Income, we have to show Income and Exempt Income both.
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Since Rural Ag. Land is not treated as Capital Gain, the profit arising on sale of Rural Ag. Land is not treated as capital Gains . Though it's not case of Capital Gains, still it is covered under the common and general meaning of exempt income.
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In my view, you can show it under Schedule EI-Exempt Income (Others).
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chetan

chetan (Querist)

01 August 2012 thx sir...

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