Sale of agriculture land


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Querist : Anonymous

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Querist : Anonymous (Querist)
22 October 2016 Dear Sirs, A person sale agriculture land in haryana and amount Rs. 25,00,000/- Recd. his bank a/c Through RTGS in 2015-16. My query is weather we need to show in ITR and whitch IT section. and tax laiablity on it . if agriculture land is tax free then we can file ITR without showing above amount.


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22 October 2016 Rural agricultural land sale is exempted from tax. Show the amount under exempted income in ITR. You will not face any problem in not showing the amount in ITR but better to show it.

22 October 2016 yes, Gain on sale of agriculture land is exempt, however its better to show sale transaction in return under exempt section so as to proof u have disclosed your income in return in case any query is raised regarding that transaction

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 October 2016 Thanks a lot Sir for your valuable advise


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