Capital gain on agricultural land
This query is : Resolved
Ugile bharat Dnyanoba
(Querist)
02 January 2014
I sold ancestral agriculture land located out side municipal limit (eight km remote from corporation) , however we got income tax notice for capital gain tax liability
Nikhil Kaushik
(Expert)
03 January 2014
so what? you can receive income tax notice as department has to right to verify your claim. You need to prove that the said land was agriculture land.
CA Galib Mirza
(Expert)
03 January 2014
Dear Pramod
Income Tax Department has such right, if you have taken exemption based on the facts you mentioned then you need not worry simply explain the facts to the ITO along with the submission.
Income Tax Department has such right, if you have taken exemption based on the facts you mentioned then you need not worry simply explain the facts to the ITO along with the submission.
04 January 2014
If you have past records to prove that it was agriculture land then dont worry relax.
CA Pallav Singhania
(Expert)
04 January 2014
Agree, if such land is Agriculture Land as per Income tax Act. then you don't have to worry about..
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