Sale of agricultural land
This query is : Resolved
30 July 2011
where to show sale of agricultural land in rural area in IT Return?
30 July 2011
No column provided in the forms. Hence no way out.
Message likes :
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30 July 2011
any way i have to show that coz its in crores
30 July 2011
The resultant Capital Gain is to be shown in Schedule EI : Exempt Income in Others Category
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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