Agricultural land taxability
Vikas Chauhan (206 Points)
28 April 2022I have sold agricultural land for rs 1.25cr.
can you please let me where it will be shown in income tax return as exempt income??
please help.
Vikas Chauhan (206 Points)
28 April 2022
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5164 Points)
Replied 28 April 2022
Proceeds from sale of rural agriculture land is exempt from tax as rural agriculture land is not a capital asset. You need to file ITR-2 and show the entire proceeds under the "Schedule EI" under point 4.