In case if the rural agricultural land is sold , has it to be shown in ITR under exempt income? If yes, at what value has it to be shown? Sale proceeds or only gain value? If only gain value then indexed value is to be reduced as cost of acquisition?
By rule,
Rural agricultural land is not a capital asset so it's sale is required to be shown under exempt income or completely not shown in ITR?
Kindly please provide guidance.
Thanks.
As per rule, it is not to be declared in ITR.
But if it is appearing in AIS report, better to declare it in Schedule EI.
It's no appearing in AIS so should I proceed without declaring it in ITR ?
And if I had to declare then at what value should I declare it ?
No harm if the land is Rural Agricultural Land.
If declared You can declare the LTCG after indedxation.
Ok thanks for your prompt response.
You are welcome....
CAclubindia
