ITR-4

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rohan (Querist)

24 June 2010 Dear sir,

where to show capital gain form sale of agricultural land in ITR-4
will it be used for rate of tax purposes..that is to say will it be used for calculating tax..or is it fully exempt...where to show it in ITR-4

thank you in advance.

Aditya Maheshwari

Aditya Maheshwari (Expert)

24 June 2010 In case of an agricultural land in India, if the same is situated in —

(a) in any area which is comprised within the jurisdiction of a municipality46 (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population46 of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or

(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette47;]

then capital gain is exempt, otherwise not.

If gain exempt then it will shown as any other exempt income and the same will not be liable to be added for rate purpose and if the same is not exempt then tax payable under the head capital gains.

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