Agricultural rural land

Buster6421 (Querist) 17 January 2013 This query is : Resolved
Hi,I have sold a agricultural land which was in my name and have transferred the money to my mother as an interest free loan.
Please advise the tax treatment as the land is situated nowhere near a municipality and is very remote.I understand that no capital gains tax would arise here.Also I am in service so how to show this amount in my tax computation.Many thanks

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ajay sethi (Expert) 17 January 2013
your chartetered accountnat is your best guide .

Raj Kumar Makkad (Expert) 17 January 2013
Such amount received from the sale of the agricultural land is not taxable however it is required to be shown in your IT return.

Ganesh babu (Expert) 15 May 2013
agriculture land situated in rural area cannot be taken as capital asset please refer 9447 notification in 1994

and as u have not transfered capital asset no question of capital gain arises

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