Sale consideration of Agricultural land in rural India should be shown at which place in ITR
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Sale of agricultural land
Replies (4)
Exempted income
1. According to sec 2(14) rural agricultural land has specifically been excluded from the scope of Capital Asset and hence the sale of such land will not be subject to Capital gains tax.
2. However with respect to ITR filing, if there is a specific space for you to show it is better to show the same. But if no specific space is given, I would advise you to leave and file as it is.
Please correct me if the above solution has an alternative view.
Sale of agricultural land in rural India -issues
1. If it is exempted : under which provision ?
2. If it is agriculture Income ?
3. If none of above then what are the provisions under Income tax law for this
With Regards
Amit
Sale of agricultural land in rural India -issues
1. If it is exempted : under which provision ?
2. If it is agriculture Income ?
3. If none of above then what are the provisions under Income tax law for this
With Regards
Amit
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