Rane made the announcement on the floor of the state assembly in Nagpur Tuesday after a Pune court okayed the documents the actor submitted to prove his ownership rights over the land.
The actor Monday informed the Pune district authorities that he wanted to withdraw his earlier decision to donate the land in Pale village of Maval teshil to farmers. The Bollywood actor last year expressed a desire to donate the land to the original farmers from whom he had acquired it.
Pune sub-divisional magistrate Sanjay Singh Chauhan said Tuesday: "On Monday, March 24, Amitabh Bachchan through his lawyer informed us to reserve the letter he had submitted last year in July, surrendering the agricultural land he had acquired in Pune district of Maharashtra."
The land ownership was deemed legal on the basis of a certificate district collector of Barabanki in Uttar Pradesh gave that Bachchan owned agricultural land since 1982.
That certificate gave him the status of a farmer. Bachchan claimed to be an agriculturalist in Uttar Pradesh in order to buy the 20 acres of farmland in Maharashtra in 2000.
Under the Bombay Tenancy and Agricultural Lands Act, 1948, no person can purchase agricultural land in Maharashtra if he is not a farmer.
The actor has been embroiled in controversies following his purchase of the land, located 70 km from Mumbai.
The Uttar Pradesh government had challenged the authenticity of the Barabanki land documents in a lower court, which subsequently ruled against the actor. The star then decided to surrender the Pune farm land.