Disclosure of proceeds of sale of agricultural land in itr

CA ANU RAO (CA IN PRACTISE) (128 Points)

12 July 2016  

Hi Friends

I need a clarification in this matter. If an agricultural land is sold, should we disclose the same in ITR. An agricultural land will not be a capital asset in the first instance thereby capital gain tax is not attracted. My doubt is should we disclose such a transaction in the ITR, if yes, where should we disclose  ??