Carpe Diem !!!
6535 Points
Joined July 2010
Tax Treatment on sale of agricultural land
a) Capital gain on sale of rural agricultural land = Not a capital asset u/s 2(14).
b) Capital gain on sale of urban agricultural land
i. Compulsory acquisition = Exempt from tax u/s 10(37) [provided some conditions are satisfied]
ii. Others = Exemption u/s 54B is available if he purchases other agricultural land.
Source: https://www.cabible.com/forum/showthread.php/3388-Income-tax-treatment-for-sale-of-agricultural-land
Am not aware of where it wud be shown in ITR 4.