Non filling of return
This query is : Resolved
25 August 2015
sir,
one of my clients sold his paternal agricultural land in the year 2012-2013, and the receive amount is more than 30 lacks which he deposited in bank savings account by cash in the same year. but he does not told me about the fact and similarly not submitted the I. T. Return. now income tax department issue a show cause notice for deposited 10 lacks or more and also ask to response within 20 days. my clients is a small businessman. pls help me to overcome this situation.
one of my clients sold his paternal agricultural land in the year 2012-2013, and the receive amount is more than 30 lacks which he deposited in bank savings account by cash in the same year. but he does not told me about the fact and similarly not submitted the I. T. Return. now income tax department issue a show cause notice for deposited 10 lacks or more and also ask to response within 20 days. my clients is a small businessman. pls help me to overcome this situation.
25 August 2015
If it is a rural agricultural land then capital gain on this sale is exempted. See the documents the value mentioned in document of sale should be 30 lacs.
In such a case reply the notice saying it is exempted income from sale of rural agricultural land.
In such a case reply the notice saying it is exempted income from sale of rural agricultural land.
Message likes :
1 times
25 August 2015
thanks sir,
but if the value mentioned in sale deed is more than 30 lacks and if it is not agricultural land in rural area then what i have to do or what will be the proper way to save my client?
but if the value mentioned in sale deed is more than 30 lacks and if it is not agricultural land in rural area then what i have to do or what will be the proper way to save my client?
25 August 2015
No problem with deposit of cash in bank accounts as you can prove the source. But you work out the long term capital gain tax, see whether exempted, if not exempted pay the tax and file manual return and reply to the notice.
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 1: Details for showing Exempt Income
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
