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Sale of agricultural land

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(Querist)
30 July 2011 where to show sale of agricultural land in rural area in IT Return?
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Bhaskaran Chackrapani Warrier

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

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

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

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Bhaskaran Chackrapani Warrier (Expert)
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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