1) I sale ancestors agriculture land in January and take amount in bank. whether this amount is taxable or not.
2) should I show this amount in ITR if yes in which section
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Tax on Sale of ancestor agriculture land
Replies (3)
Agriculture land is not capital asset...therefore it is exempt. you can show it under income from other source
If it's rural agricultural land then it's exempt and show it as exempt income against the respective column in ITR
As per provision of income tax if you have sold agriculture (rural) that is not taxable but if it is urban then you are required to pay tax on that land still if you are receiving money in bank and cash then you have to disclose the transfer and receipts of cash as well in ITR as new forms has section for such disclosures.
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