Sale of agricultural land.

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Nitin Kulthe (Querist)
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28 August 2013 My father sold an ancestral agriculatural land which was situated in corporation limit (Urban) in 2008. In 2009, we purchased new agricultural land in rural area for exemption under 54B of IT Act, retain it for more than 3 years and sold it in 2012. Income Tax dep.noticed us for non filing of Income Tax Returns since 2009-10, 2010-11, 2011-12. We filed the returns recently. But the IT Officer argues that exemption under 54B is not allowed as the crop was not taken in last 2 years of sale of land. Actual 7/12 extract shows that in Sep.2007 the land was croped but in Apr-2008(at the time of sale of land) it was not croped. So the sale of the land is taxable. What can we do? Plz suggest.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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28 August 2013 the AO will follow 7/12 details as these are considered as reliable documents for agricultural land.
so u need to make relevant changes in 7 /12 details to argue with your Ao else u will not be able to validly argue b4 AO.

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