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PROPOSED ADJUSTMENT U/S 143(1)(a)(ii) ON CAPITAL GAINS

This query is : Resolved 

03 March 2020 sold an inherited agricultural land for 4500000 and invested 4371240 in residential property u/s 54F.we paid tax on the remaining amount but now we have received notice for proposed adjustment showing "Amount in Income tax Return 128760 and Amount as computed 4500000,Variance of proposed adjustment 4371240" we have double checked the ITR form and found no mistake. please help us resolve the same

03 March 2020 Is it urban agricultural land?? What is the cost to previous owner??

07 March 2020 1. Compute the Capital Gains by following the prescribed method under the Act.
2. Verify whether the Deduction in respect of the New Asset Purchased has been properly claimed against the long term capital gains by providing all such particulars as are required in the ITR.
3. Explain the reasons by disagreeing the demand.
4. Still the mistake is not rectified take guidance of a CA.



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