Income through land sale income implications

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retired professor
21 Points Posted on 10 July 2022

Very recently I sold my agricultural land for 25,00000/=.

Purchaser paid income tax of Rs. of Rs.25,000/= for assessment year 2023-24.

Now,

1.Should I file ITR for this income

2.Can I claim refund for  this amount.

3. If I have to pay income tax for this income, then how to save it.

Please let me know.

I am new to all these.

 

 

Regards,

 

K.Shashidhara Sastry

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On 10 July 2022 at 15:01 Report
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Quick Summary
This discussion addresses the tax implications of selling agricultural land. It clarifies whether an Income Tax Return (ITR) needs to be filed and if a refund can be claimed for tax already paid by the purchaser. Advice is given on potential tax liabilities and methods to save tax, such as investing in property or bonds, with a note that rural agricultural land may be exempt from tax.

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Chartered Accountant
44442 Points Posted on 10 July 2022
1. You need to file ITR
2. Refund can be claimed
3. Invest in residential house property or bonds
1 Reply
On 10 July 2022 at 15:37
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SEO Sai Gr. Hosp.
121511 Points Posted on 10 July 2022

If the land is rural agricultural land, no tax liability. No need of LTCG saving investment/s.

1 Reply
On 10 July 2022 at 16:49
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Profession
19978 Points Posted on 11 July 2022
The querist has not mentioned such details
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On 11 July 2022 at 09:04

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