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Sale of Agricultural Rural Land
please help me on sale of agricultural land situated in rural area, its Taxability and under which Head it should be shown?
Replies (7)
Definition of Capital Asset exclude Agriculture land situated within Rural Area.
If Agriculture land in your case fall within rural area, then, its transfer does not amount to transfer for the charge of capital gain tax under section 45(1).
Yes, But Where is it Required to be shown (which Head of Income
under exempted income
When transfer of agriculture land not amount to transfer for levy of capital gain tax, then, how gain on such transfer can be exempted income.
PL refer section 10(37)
Sec. 10(37) comes into play in case of compulsory acquisition.
Here, sale proceeds need to be shown as capital receipts in itr and under capital account in books of accounts.
Here, sale proceeds need to be shown as capital receipts in itr and under capital account in books of accounts.
10(37) is for Compulsory Acquisition
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