Claim recd on acquiration of agriculture property by govt.
This query is : Resolved
CA. Naveen Jain
(Querist)
25 August 2011
Govt acquire the agriculture property of the client and thus paid the claim for that via cheque. 1. Pls guide whether claim recd on agri land acquire falls under Capital Gain or is Exempt.
2. After receiving the cheque, he withdraw cash from his bank account. then received notice from IT dept for depositing his PAN and Income tax return. As the person is a agriculturist and is exempt thus he does not have PAN.
Pls guide how to answer this notice.
2. After receiving the cheque, he withdraw cash from his bank account. then received notice from IT dept for depositing his PAN and Income tax return. As the person is a agriculturist and is exempt thus he does not have PAN.
Pls guide how to answer this notice.
CA PARAS BAFNA
(Expert)
25 August 2011
If it is rural land , question of capital gain will not arise.
.
Please check the conditions by going through Section 10(37) for Urban Land.
.
Write a letter to the ITO by mentioning the fact that assessee is an agriculturist and does not have taxable income. Hence he is not having any PAN Card.
If it is rural land , question of capital gain will not arise.
.
Please check the conditions by going through Section 10(37) for Urban Land.
.
Write a letter to the ITO by mentioning the fact that assessee is an agriculturist and does not have taxable income. Hence he is not having any PAN Card.
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