Please tell where to show sale of agricultural land situated in rural area in income tax return.
As any gain arising on such sale is exmepted as per section 10(37)..But in ITR there is no column kf Section 10(37) in exempt income schedule.
so where to report it?
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Reporting of Sale of agricultural land in rural area
Replies (2)
CA Arun
There is no requirement to report it in itr. even 8n one of our case we have taken this stand
You can also write to me at sthayin @ gmail for further assistance
There is no requirement to report it in itr. even 8n one of our case we have taken this stand
You can also write to me at sthayin @ gmail for further assistance
Section 10(37) is for Urban Agri Land acquired under compulsory acquisition (and it is not for Agri Rural Land.)
Sale of Agri Rural Land is not a capital Asset under definition and hence not taxable.
Show it under EI schedule under Any other as ' sale of Agri Rural Land"
Sale of Agri Rural Land is not a capital Asset under definition and hence not taxable.
Show it under EI schedule under Any other as ' sale of Agri Rural Land"
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