Capital gain on agricultural land sold
This query is : Resolved
07 August 2017
My client has sold agricultural land in FY 14-15 not shown in IT return as he has recd certificate from Talati that the same is 12km away from city now ITO wants to add the same in income as the case is under scrutiny and he considering arial route by which it comes only 2.3 km we are ready to produce proof of reinvestment but he is not ready to consider the same what recourse is available
08 August 2017
"as the crow flies"..... I think Assessing Officer's contention is correct
vis a vis the reinvestment must be considered by Assessing Officer.
vis a vis the reinvestment must be considered by Assessing Officer.
08 August 2017
The A.O's contention of considering land as a capital asset is correct.
However exemption should not be denied if you have satisfied conditions of Section 54B.
However exemption should not be denied if you have satisfied conditions of Section 54B.
08 August 2017
AO can consider reinvestment only on the strength of a return. So try to file a revised return.
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