Sale of Agricultural land in Rural Area

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..... Sale of Agricultural land in Rural Area
Query (Issue) Started By: - Anup Kumar Grover Dated:- 4-7-2011 Last Reply Date:- 12-7-2011 Income Tax
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Income Tax
An assessee has sold i .....

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..... ts 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 .....

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..... 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? Reply By GOP .....

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..... ALJI AGRAWAL: The Reply: Since it is not a capital assets hence no concept of exemption would be applicable and as per new provisions, AIR has been withdrawn.
Discussion Forum - Knowledge Sharing .....

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