what shud b the treatment for sale of agricultural land ???
where shud i show it in ITR 4??
it is an agricultural land u/s 2(14)
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What shud b the treatment for sale of agricultural land ???
Replies (2)
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.
Ya Agree with Carpe
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