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Tax on Sale of Rural Agriculture land


ARUN KUMAR (DEPUTY GENERAL MANAGER (F&A))     30 September 2020

ARUN KUMAR
DEPUTY GENERAL MANAGER (F&A) 
 3 likes  89 points

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Please clarify if a person sale agriculture land of rural area worth 12lakhs and received money in bank account by way of remittance from byer. In 26AS under coloum detail of SFT transaction ..  SFT 004 cash deposit  other than current account  as deposit with financial institution reflacted. How it may shown as income or receipts in ITR and which one form used for filing ITR if other income is only 150000 i.e. sales proceeds of agriculture product like wheat, rice and vegitable

avater

Sagar Patel (Tax and Business Consultant)     30 September 2020

Sagar Patel
Tax and Business Consultant 
 984 likes  11086 points

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1. Sale of rural agriculture land is Exempt from tax. ( I assume you received all sale proceeds in Cheque only)
2. Income of sale proceeds of agriculture products like wheat, rice and vegitables grown by you on your land, than also it's agriculture income, and Exempt from tax..
3. SFT 004 Cash deposits other than current account reflacted in 26AS is also,I think from agriculture Income, if this cash is from other sources, i.e non-agriculture than you have to reply accordingly.
4. If your All income is agriculture income, than its totally Exempt. So, you are not required to file Income tax return.


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