TMI BlogSALE OF RURAL AGRICULTURAL LANDX X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee is a retail spare parts dealer with annual turnover of ₹ 15 Lakhs Assessee sold a rural agricultural land for ₹ 10 lakhs. he invested the amount in a residential house property v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aluing ₹ 20 Lakhs. He got 10 Lakhs from his savings and some amount from his wife too. As sale of rural agricultural land is not a capital asset at all, there is no need to calculate capital g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain. My questions are: 1) Should we show the proceeds of sale of rural agricultural land in the income tax return under exempted income? 2) the invested new house property to be showed in the balan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce sheet of assessee? 3) If so, we should increase the capital amount in BS to show corresponding building in assets side? Thanks in advance - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = 1. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t may be shown in the income tax return 2. It may be shown as assets. 3. In my view it can be added as capital. However views of experts are solicited. - SALE OF RURAL AGRICULTURAL LAND - Query St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arted By: - akhil revuri Dated:- 3-8-2018 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... india - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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