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Exempt income

amit jain (banda) (68 Points)

28 October 2018

how I will show profit from sale of agriculture land in income tax return

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4 Replies

Rakesh Joshi (CA Final) (1272 Points)
Replied 28 October 2018

In which ITR form you want to show ?

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amit jain (banda) (68 Points)
Replied 28 October 2018

I have only agriculture income which is above 5000

Amish Maknojia (Student) (507 Points)
Replied 28 October 2018

agriculture income above 5000 should be shown in ITR 2 in Schedule EI

Mayur Patil (Article) (1276 Points)
Replied 28 October 2018

In you case your income does not exceed basic exemption limit so you shouldn't file any ITR.
Inspite of that you want to file ITR then you can file ITR-1 as nil return and you can show your agricultural income in the exempt income portion there's space given ITR-1 for agricultural income if it doesn't exceed 5000.