SALE OF RURAL AGRICULTURAL LAND

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..... SALE OF RURAL AGRICULTURAL LAND
Query (Issue) Started By: - akhil revuri Dated:- 3-8-2018 Last Reply Date:- 3-8-2018 Income Tax
Got 1 Reply
Income Tax
Assessee is a retail spare parts dea .....

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..... ler with annual turnover of ₹ 15 Lakhs Assessee sold a rural agricultural land for ₹ 10 lakhs. he invested the amount in a residential house property valuing ₹ 20 Lakhs. He got 10 L .....

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..... akhs 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 gain. My questions are: 1) Should we .....

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..... 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 balance sheet of assessee? 3) If so, we s .....

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..... hould increase the capital amount in BS to show corresponding building in assets side? Thanks in advance Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: 1. It may be shown in the income tax return .....

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..... 2. It may be shown as assets. 3. In my view it can be added as capital. However views of experts are solicited.
Discussion Forum - Knowledge Sharing .....

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