Which return should i file

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2015 Sir,
My father is in the category of Senior Citizen wants to file his first ITR. His income is from tution fess receipt and bank interest and he has sold his agricultural land in the F.Y. 2014-15, which ITER should i File and what is the taxability of Agricultural land sold????????

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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06 April 2015 He should file ITR-4. Teaching, Vocational Training etc comes within the ambit of sec 28. Hence, his income will be assessed as 'Profits and Gains from Business/ Profession.'.

If the agricultural land is outside the urban area, the income will not be taxable as Capital Gains.

CA Kanj Goel

CA Kanj Goel (Expert)
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06 April 2015 I agree with john.

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2015 The status of Agricultural land is "rural". Such Amount of Sale of Agricultural land include in GTI. if possible pls make Computation.

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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13 April 2015 It will not form part of GTI.
Because Urban Agricultural land alone is a Capital Asset within the definition of sec 2.

So, it is not taxable at all. However, as a remark to the return, you may give it under Exempt Income.

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