Hello everyone,
I am working in private company and earns 30k.
I lost my father in 2013 and for marriage of my sisters i sold my Agricultural Land in Rural area worth 25 lakh in June 2016 and got all amount from Cheque in my Salary account.
Now i have to fill ITR this year.
My questions are-
1)Which ITR should i file? ITR-1 or ITR-2 or any other? is ITR-1 only is enough for me??
2)As per my research its Non Capital income so no tax is applicable. So should i disclose this income to Income Tax Department,i am asking because few said that its Excluded income so no need to show even in Exempted income..Plz if someone is sure than plz clarify this as this is very confusing.
Also In some Forum its said i should disclose in OTHER tab under EI. But there is no provision to show from where i got this Money.. If i will just write 25 Lakh in OTHER under EI will it lead to problem in future as IT deptt will not know from where i got this money...
Kindly answer this 2 question, i will be Thankful to you.
CAclubindia
