Capital gain on agricultural land sold

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vipul dalal (Querist)
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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

Amol S Joglekar

Amol S Joglekar (Expert)
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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.

Studentsca

Studentsca (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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