20 June 2015
hi all,
one of my relative has received a notice from itd regarding tax on capital gain.
she sold agriculture land in f.y. 13-14 which was purchased in f.y 2010-11.
sale consideration received was Rs. 11,50,000 while value taken for stamp purpose was Rs. 14,00,000
after calculating index cost and taken 14,00,000 as sale consideration (as per sec 50c) long term capital gain is Rs. 1,25,000.
she has no other income in f.y. whether she have to pay tax or it will be exempt as total income is below the taxable limit.
apart from that what all documents will have to be submit to ito in reply of notice.
please clerify
with regrads
Anuj verma
21 June 2015
It will be exempt as total income is below the taxable limit. Reply the notice with working and show it is below the taxable limit and state have no other taxable income.
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