Capital gain on agricultural land

This query is : Resolved

Ugile bharat Dnyanoba (Querist)
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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

Nikhil Kaushik (Expert)
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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

CA Galib Mirza (Expert)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 January 2014 If you have past records to prove that it was agriculture land then dont worry relax.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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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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