Which return should i file
Querist : Anonymous
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????????
If the agricultural land is outside the urban area, the income will not be taxable as Capital Gains.
Querist : Anonymous
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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