Income from sale of rural agricultural land which does not come u/s 54, ie. which is not a capital asset is exempt income but if it is more than 5000 it is to be declared. Where should I declare the income in ITR 2? The schedule for exemptions (E1) does not provide any specific row. It cannot be agricultural receipt. If there is no taxable income under any head of income , should this exempt income from sale of rural agricultural land (1200000 appx) be ignored?
A quick suggestion from any knowledgeable person is solicited.
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