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Regarding sale of rural agricultural land
whether amount form sale of rural agricultural land to be reported as exempt income in ITR? If yes, which amount to be shown : entire sale proceeds or sale less purchase cost.Further i think in this case benefit of indexation will not be available as it is not a caital asset. kindly clarify.
Replies (1)
You can show as exempt income (net gains) as u r telling its rural agriculture land not under municipal limits
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