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)

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)

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)

03 March 2023 Thank You Sir............................

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 March 2023 Most welcome..

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