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Income on sale of agricultural land

370 views 3 replies

Sowmya.S.Balan

Paid Assistant

749 Points Joined December 2009

DEAR SIRS

IN MY CASE OUR AGRICULTURAL LAND IS TAKEN BY KOCHIN REFINERY. IT IS NOT A COMPULORY ACQUISITION. IT IS AGRICULTURAL LAND COME UNDER SEC 2 (14). AGRICULTURAL LAND IS NOT A CAPITAL ASSET AS PER INCOME TAX ACT . WHETHER SUCH INCOME IS TO BE SHOWN UNDER CAPITAL GAIN OR ANY OTHER HEAD OF INCOME IN ITR. PLEASE HELP ME. ITS VERY URGENT

Replies (3)

Hitesh Khanna

Accounting & Finance Taxation Company

839 Points Joined September 2010

Just reply quickly the ITR that is applicable for the assessee.

Sowmya.S.Balan

Paid Assistant

749 Points Joined December 2009

dEAR SIR ,

I HAVE ONLY INTEREST INCOME & THAT INCOME FROM SALE OF AGRICULTURALLLAND

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

since agricultural land is not a capital asset, so sale of such land wont be covered under any provisions relating to capital gains and hence you dont need to show this in your itr.... apart from this, you say you have only intt income then you need to file itr 1.