Dear Sir/Madam,
I am a salaried person. I sold inherited agricultural land situated in rural area and as it was not considerable as ‘capital asset’, no tax liability is there. However, I want to know that in which cell / field of ITR form – to fill / display entire exempt income received from selling this rural agricultural land.
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Tax on sale of inherited agricultural land
Replies (5)
There is a schedule on Exempt Income (EI). You may show it in that.
Can I go with ITR1?
Schedule EI is available in ITR2. So I suggest ITR2
My company gives me consolidated salary.can i get hra and conveyance allowance exemption from income tax
Do you mean HRA and Transport allowance (journey between office & residence and vice versa)? If yes, you can't get until the salary is broken up into various components like HRA, TA etc. Inform the employer to do that in order to get tax exemption benefit.
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