19 August 2017
Dear Expert, One of my client had sale one his agriculture land at rural area, say cost 8Lakh in cash in month of October 2016, and half amt deposit in his wife account and half in his account, now only he got notice from IT department for source of income and cash deposit. Kindly let me know following quires: 1) whether he has to file his IT return 1) sale of agriculture land is exempt or taxable 2) if taxable then how to calculate and what details i required for calculation 3) how to answer/reply of this notice.
19 August 2017
1 No need to file ITR. 2 Sale of rural agricultural land is exempt. 3 Reply to the notice this deposit is our of sale of rural agricultural land exempt from tax.
CAclubindia
