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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- TDS on Fixed Assets purchased
- GST on Renting godown to KFCSC for Storage of Raagi
- Oct 2025 Invoices
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
