I have sold multiple immovable properties which together add up to INR 30,00,000. Do I still need to report my income from immovable properties or since each one of them is less than 30,00,000 individually I can refrain from reporting it?
It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership. If your total income is below the basic exemption limit, you won’t have any tax liability.
Also, high-value transactions are reflected in your Form 26AS.
Here’s how you can track your High-Value Transactions
Hope this helps