Sold Rural Agricultural land. Which ITR form should I use and where to show?
This query is : Resolved
08 August 2021
I am a retired person and I have been using ITR 1 as less income 50 Lakhs for filing my ITR.
Recently, I sold my Rural Village Agricultural Land at 60 Lakhs in FY 2020-21.
I wish to know – 1) which ITR form I should use? 2) Where to show in ITR Form as sales of Rural agricultural land not taxable as per Income Tax Rules.
Recently, I sold my Rural Village Agricultural Land at 60 Lakhs in FY 2020-21.
I wish to know – 1) which ITR form I should use? 2) Where to show in ITR Form as sales of Rural agricultural land not taxable as per Income Tax Rules.
09 August 2021
As I understand,
1) you may continue to use ITR1
2) you may disclose the gain under exempt income.
1) you may continue to use ITR1
2) you may disclose the gain under exempt income.
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09 August 2021
Sir,
Thanks for your valuable answer and cleared my queries.
Regards
02 February 2022
you must ensure whether the agri land you are talking about fall within the exempted criteria based on distance from local limits of applicable municipaplity/corporation based on latest census.
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