Income through land sale income implications

215 views 3 replies

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

Replies (3)
1. You need to file ITR
2. Refund can be claimed
3. Invest in residential house property or bonds

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

The querist has not mentioned such details

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