Sale of agricultural income
This query is : Resolved
04 January 2015
we had an agricultural land sold in 2010 for 15 lakhs it was the land given from my for fathers before 1950.. i don't knw the cost .i deposited all amount in the bank for 6 months .after that i purchased a land worth 4 lakhs.in 2014 i got a notice from income tax to submit the income tax returns filed.i don't have any other income ather than agricultural income . and i had a income certificate given by govt below 1 lakh
04 January 2015
No tax payable on sale of agricultural land provided the value of sale deed executed for sale of land is 15 lakhs. Please give the value of sale deed executed for land sold in 2010.
05 January 2015
As you mentioned that you had deposited Rs. 15 lacs in bank your bank a/c without submitting ROI in that case department wan't know the source cash deposit.
In that case you first need to know that whether that land was actually rural agricultural land by referring definition of Asset under section 2(14) under income tax.
if it comes under the definition of Rural agricultural land then there will be no problem.
However if not comes under the definition of Rural Agricultural land then you need to pay taxes on such capital gain along with penalties levied by AO under section 271(1)(c).
2nd in both case you need to file return of income under 148.
Note: Refer the definition of rural land as prevailing at the time transfer (2010), not as per prevailing at this time.
In that case you first need to know that whether that land was actually rural agricultural land by referring definition of Asset under section 2(14) under income tax.
if it comes under the definition of Rural agricultural land then there will be no problem.
However if not comes under the definition of Rural Agricultural land then you need to pay taxes on such capital gain along with penalties levied by AO under section 271(1)(c).
2nd in both case you need to file return of income under 148.
Note: Refer the definition of rural land as prevailing at the time transfer (2010), not as per prevailing at this time.
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
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- 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
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
