Regarding Reporting of Sale of Agriculture land

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This discussion clarifies the reporting requirements for the sale of rural agricultural land when filing your Income Tax Return (ITR). While rural agricultural land is generally not considered a capital asset, it's advisable to disclose the sale if the Sub-Registrar has reported the transaction to the Income Tax Department. This proactive step can help avoid potential queries from the department.

Jaswinder singh

Jaswinder singh (Querist)
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03 March 2023 Dear Sir/Madam,
Is there any reporting requirement of Sale of Rural Agriculture land while filing ITR? Because rural Agri. land not a capital asset But any requirement of disclosure in ITR?

Plz Clarify....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 March 2023 As such not mandatory, but if the sale transaction has been reported by Sub-registrar office to ITD under mandatory reporting, then it is advisable to declare it under exempt income; otherwise query from department is sure.

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Jaswinder singh

Jaswinder singh (Querist)
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03 March 2023 Thank You Sir............................

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 March 2023 Most welcome..

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