Sale of agricultural land
This query is : Resolved
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?
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?
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.
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?
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?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- TDS on Purchase of Immovable Property by NRI from NRI
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
