IT NOTICE
This query is : Resolved
21 August 2016
Recently, my friend's relative sold the land for 12 lakhs and proceeds are deposited in cash in my friends bank account. Now he got the notice from IT department...how to deal with that...?
22 August 2016
If it is a rural agricultural land and the sale consideration as per sale deed is 12 lacs, no tax payable on this sale, reply to the notice as it is an exempted income deposited in the bank.
22 August 2016
Capital gain tax payable.
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
- TDS applicability in case of software payments to a foreign company
- Tax on Goodwill on LLP
- Procedure to surrender export incentive
- Registration of Articleship
- Reverse charge on commercial property
- Update ITR
- Capital gain tax after 23 jul 2024
- Clarification on Cost of Acquisition and Capital Gains Tax Treatment for Tata Chemicals
- 26Q TDS UTILITY IN NSDL TIN LATEST UTILITY DOWNLOAD LINK
- Regarding Section 40A
- TDS ON OTA Commission
- Is rcm applicable on cleaning services?
- GST INVOICE RAISED BY THE FRADULENT COMPANY WITHOUT THE KNOWLEDGE OF THE OTHER PARTY
- First Auditor was not appointed till 9 months
- Doing Jobworks eway bill is mandatory or not
- GST on Co-Operative Housing Society
- Filing of forms on MCA portal for allotment of shares for a new company
- RCM Reconciliation Excel Sheets Format
- Goodwill realeted
- Revision under Section 264 in The Income Tax Act, 1961
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
