Sale proceeds of rural agricultural land- income from other sources?
I understand that rural agricultural land is specifically excluded from the definition of a Capital Asset under section 2(14). Hence capital gain does not arise. Also, these sale proceeds cannot be regarded as agricultural income. But then, how do we declare it in the return? Also, is it taxable under the head Income from Other sources?
Replies (2)
You are not require to show it in return at all .
you yourself have said that it is exempt capital gain then how can it be income other sources.
NO, it can't be assessed under the head Income from Other sources
REMEMBER when rural agriculture land is held as stock in trade it is not capital gain but it will be chargeable as PGBP.
even if you want to show you can show in column "others" as there is on specific column .
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