computation on capital gain of sell of my ancestoral agriculture land
This query is : Open
20 February 2017
sir I have recieved a notice from income tax department India . my father sold the agriculture land in December 2012 . which was the ancestral land. now we have received a letter/notice from income tax department that
1. provide the details of computation of capital gain received by sell of immovable property.
what can I do sir now. please help me
20 February 2017
If agriculture land sold does not come under capital asset as per the law as it stands in December 2012, you may reply by stating that since agriculture land sold was not a capital asset there was no capital gain on it.
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