Sale of agriculture land
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 July 2016
I sold an agriculture land in Assessment year 2016-17. The land is situated 12 kms away from the limits of the municipal and having populaiton less than 10,000. The purchaser gave me amount of Rs. 14,332,999/- after deducting TDS of Rs. 144,778/-. The sale price of Land was Rs. 14,477,777/-.
So, Capital gain will be taxable or tax free?
If Tax free, How should I have to show that?
So, Capital gain will be taxable or tax free?
If Tax free, How should I have to show that?
15 July 2016
If it satisfies the conditions of section 2 (14) it will not be a capital asset- hence no tax.
disclose it in ROI under exempt income schedule
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
