Sale of Agricultural land in Rural Area, Income Tax

[Anup Kumar Grover]

An assessee has sold its Agricultural Land, as per section 2(14) is not an assets, subject to Capital Gain.

Being It is in Rural Area, not covered in any municipality. 

Q. Whether in the Income Tax Return to be filed, it be shown as Capital Gain and Exempted or it is not required to be mentioned in the Income Tax Return.?

Q. Whether any Information is required to be given in AIR Coloum,of Return Forms?

Posts / Replies

[GOPALJI AGRAWAL]

Since it is not a capital assets hence no concept of exemption would be applicable and as per new provisions, AIR has been withdrawn.