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Sale of agricultural land

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RESMI C RAJ

RESMI C RAJ (Querist)
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30 July 2011 where to show sale of agricultural land in rural area in IT Return?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 July 2011 No column provided in the forms. Hence no way out.

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RESMI C RAJ

RESMI C RAJ (Querist)
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30 July 2011 any way i have to show that coz its in crores

Ravikant (Expert)
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30 July 2011 The resultant Capital Gain is to be shown in Schedule EI : Exempt Income in Others Category

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 July 2011 Agricultural land situated in rural area is not a capital asset. Hence Profit on sale of such land is not a capital gain. Therefore, question of exemption does not arise and schedule E1 is not a suitable field to show sale value of rural agricultural land.

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