Sale of Agricultural Land


sushil (Student CA Final )     20 September 2019

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

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Kapadia Pravin   20 September 2019

Kapadia Pravin

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

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Gaurav Chauhan   20 September 2019

Gaurav Chauhan

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In india exempt
in outside india taxable

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Kapadia Pravin   20 September 2019

Kapadia Pravin

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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

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sushil (Student CA Final )     20 September 2019

sushil
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It is rural agricultural land.

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Kapadia Pravin   20 September 2019

Kapadia Pravin

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@ 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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