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Sale of Agricultural Land

sushil (Student CA Final ) (29 Points)

20 September 2019

Do I required to show income from
sale of agricultural land in my ITR??

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5 Replies

Kapadia Pravin (17249 Points)
Replied 20 September 2019

Is it Rural Agri land or urban agree land ?
Income you must show in ITR under proper schedule depending upon land location criteria

Gaurav Chauhan (2 Points)
Replied 20 September 2019

In india exempt
in outside india taxable

Kapadia Pravin (17249 Points)
Replied 20 September 2019

It is not so. Only rural Agri land As defined in definition of Capital asset , are exempt
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May you Mr. Gaurav inform under which section income on Sale of Agri Land is Exempt in India

sushil (Student CA Final ) (29 Points)
Replied 20 September 2019

It is rural agricultural land.

Kapadia Pravin (17249 Points)
Replied 20 September 2019

@ sushil
Agricultural Land (rural Agri Land)
Such Agri Land is not a capital asset and hence no question of capital gain arises.

These provisions are contained in definition section 2(14)(iii) .

Agri Land as defined in 2(14)(iii) are not regarded as capital asset and hence gain is exempt.

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