Sale of agri land
NICSON JOHN (514 Points)
22 July 2022
i have sold agri land in rural area for 10L should i show this on return..since it is not taxable?pls reply thanks in advance
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178124 Points)
Replied 22 July 2022
As such not mandatory, but better to declare it u/s. EI, to be relieved of any future query.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 22 July 2022
The sale of rural agricultural land is considered as exempt under the Income tax act.
File ITR-2 and show the entire proceeds under the "Schedule EI"
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178124 Points)
Replied 22 July 2022
From Revenue Department. Even Talati can give you status of the land.
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