Capital gain on sales of agriculture land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 October 2014
Dear All,
An assessee sold his agriculture land situated at rural area of Rs. 60 lakhs and deposited entire cash in his saving bank account.
now he received a notice from income tax to sources of Rs. 60lakhs.
we had explained that Rs. 60 lakhs from sales of agriculture of land situated at rural area.
then department said us please provide copy of registry. In registry value is showing Rs. only 15 lkahs. now department charges capital gain to on rs.45 lakhs
An assessee sold his agriculture land situated at rural area of Rs. 60 lakhs and deposited entire cash in his saving bank account.
now he received a notice from income tax to sources of Rs. 60lakhs.
we had explained that Rs. 60 lakhs from sales of agriculture of land situated at rural area.
then department said us please provide copy of registry. In registry value is showing Rs. only 15 lkahs. now department charges capital gain to on rs.45 lakhs
01 October 2014
From your query its seems that assesse received the 15 lahkas through account and remaining unaccounted.
But assessee deposited all mount to bank so undisclosed source and taxable.
If your assessee ready to define the source then your problem come to end.
But assessee deposited all mount to bank so undisclosed source and taxable.
If your assessee ready to define the source then your problem come to end.
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