exempt income

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  1. atanu chatterjee

    atanu chatterjee New Member

    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?
  2. ZED

    ZED Well-Known Member

    You should declare the exempt income, otherwise, you might be issued a notice to explain why you did not declared that.
    You can show it under others (in schedule EI)
  3. atanu chatterjee

    atanu chatterjee New Member

    Thanks ZED. I will do the needful.
    ZED likes this.
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