My one of the client sold rural agriculture land for Rs 40lacks which he received after his father death.
please suggest me where to shown in ITR? (land is purely agriculture & not a capital asset)
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Sales Rural Agriculture Land
Replies (5)
Declare the same under Schedule EI
Sale of rural agriculture land is exempted no need to pay tax so it will be shown under exempted income schedule
Entire 40lacks in exempt income?
yes entire income exempted it is not a capital assest and hance no capital gain
agreed with mr verma
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