10 August 2022
1. Does sale of rural agricultural property amounting to approx (1.5 milion INR) taxable under any provisions of Indian Taxation Laws? a.) If YES, @ what %? b.) If NO, is it required to be shown in ITR filings? 2.Does the sale proceed needs to be shown in ITR, where and which form to use? 3. If the sale amount is transfered to bank account through any of the online deposit mode. Will it attract notice from Income Tax Dept. for depositing amount of 1.5 million in a financial year? a.) Or the notice is just served for cash transaction of and above 1 milion.
P.S. The account holder is still pursuing studies & not earning. Does the account holder need to file ITR for sale proceeds?
11 August 2022
1. Rural agricultural land in India is not a capital asset for the purpose of income tax act. so no question of capital gain tax. please check definition of rural agricultural land
a. NA
b. Can show the total sale proceeds under exempt income
2. Exempt Income., form number ITR 1
3. No
a. Notice can be served for sale of land OR cash deposit above 10 lakhs... This will arise only if return is not filed.
4. Advisable to file ITR on voluntary basis.
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