How to fill up itr2 for sale of agricultural land in rural

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Partha Chattopadhyay (Querist)
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30 May 2018 Sold out an agricultural land in rural area. It is not considered as capital gain. While filling up ITR2 for efiling I am at a loss to find where in OS (income from other sources) sheet I am to include the amount received and where in EI (exempted income) sheet I am to include this amount for exemption. Seeking advice.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 May 2018 as such, you are not required to disclose this transaction as receipt of any amount for sale of rural agricultural land doesnt constitute any form of income - taxable or exempt. Accordingly Income-tax return forms do not provide for any specific section for disclosure of such transactions.

However, just in case to err on the side of conservative disclosures, you may show it EI sheet in ITR-2 in the Item 5 - Other Incomes. In the narration for nature of income, provide "Receipts on sale of rural agricultural land"

Partha Chattopadhyay

Partha Chattopadhyay (Querist)
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31 May 2018 Thanks Mr. Kaushik for your response. Well, I agree to your advice in para 1, However, if I include the amount in EI with necessary narration without showing this anywhere as income from other sources, then my taxable income, I am afraid, will be substantially reduced which might raise some avoidable queries. Between the two, your para1 clarification seems to be more plausible.

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