computation on capital gain on sell of ancestral 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 it is a rural agricultural land situated in a area, 8 kms away from municipality or contonement board and having population less than 10000, the capital gain is exempted from tax.
20 February 2017
Reply to the notice the land is situated in a village and used for agricultural activities exempted from tax.
20 February 2017
sir what reply ...
sir we are farmers .first time we face this notice .we have no idea about how to reply . what is the procedure . plz sir help me. thank you very much
20 February 2017
I will Give draft reply.
To
(Fill up the address from the Notice)
Sir,
Sub: Reply to the Notice on capital gain computation reg.
Ref:(Give notice reference No. and Date)
With reference to the above we are farmers cultivating our lands in our village Situated more than 8 kms from municipal limits and the population of the village is less than 10,000. The land sold is an ancestral property situated in our village and used by us for agriculture till the date of sale. Hence no capital gain will arise on this sale as it is a rural agricultural land.
As we are farmers having little knowledge on tax laws, settle the issue Taking the above reply.
Thanks and regards,
Yours truly.
To
(Fill up the address from the Notice)
Sir,
Sub: Reply to the Notice on capital gain computation reg.
Ref:(Give notice reference No. and Date)
With reference to the above we are farmers cultivating our lands in our village Situated more than 8 kms from municipal limits and the population of the village is less than 10,000. The land sold is an ancestral property situated in our village and used by us for agriculture till the date of sale. Hence no capital gain will arise on this sale as it is a rural agricultural land.
As we are farmers having little knowledge on tax laws, settle the issue Taking the above reply.
Thanks and regards,
Yours truly.
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