TAXABILITY OF INCOME

Tax queries 955 views 1 replies

HELLO FRIENDS

I HAVE FEW DOUBTS ON CERTAIN ISSUES.

CASE STUDY : X IS  A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .

NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .

AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????

IF ITS NOT SHOWN THAN  IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .

Replies (1)

RURAL AGRICULTURAL LAND IS NOT AN CAPITAL ASSET U/S 2(14)

SO ANY PROCEEDS ARISING FROM SUCH SALE IS NOT CHARGABLE AS SHORT/LONG TERM CAPITAL GAIN.

MORE EVER THE THE RURAL AGRICULTURAL LAND MUST BE NOTIFIED BY THE PRESCRIBED AUTHORTIY TO CLAIM THE EXEMPTION. SUCH TRANSFER MUST ARISE AS PER THE LEGAL DEED.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details