Sale of agricultural land

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Anonymous (Querist)
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22 February 2019 Dear Experts,

Is Sale proceeds from sale of agricultural land to be shown in ITR? Since it is not an exempt income under section 10 but not a capital asset as per S2(14) of Income Tax Act and therefore not subject to tax? if it is to be shown in ITR should entire proceeds be shown or only profit to be calculated and shown?

Urban Agricultural land is exempt u/s 10(37) only if compulsory acquired by Govt compulsory?

Sale of any other agricultural land would be taxable under capital gains and not agricultural income under S.10(1)?

Am I right?

CA. Brijesh Baranwal

CA. Brijesh Baranwal (Expert)
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25 February 2019 Columns in relevant income tax return are self explanatory to the extent what figures are to be shown. You may also take help of instructions. Prima facies, it seems that you need to disclose all relevant details including amount of consideration, purchase and capital gains amount.

Anonymous

Anonymous (Querist)
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28 February 2019 In the ITR details are required to be disclosed only for taxable capital gain eg. Urban agicultural land.

In case of exempt capital gain only amount is required eg. Compulsory aquisituon of urban agricultural land

However, in case of non taxable income, there is no field for disclosure eg. Rural agricultural land.

Am I wrong?

So profit from rural agricultural land need not be disclosed in ITR?

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