I want to reply a income tax notice for non filing of ITR.
One Transaction was that I sold a rural agricultural land.Since it is not a capital asset it is not taxable as capital gain. But the Market value is Rs.2 crore and agreement value is Rs.90 lakhs.
Is there any issue in above since difference between Market value and Agreement value is high.
20 February 2019
What is the stamp duty value. There should not be any variance between stamp duty value and agreement value. In genuine cases you can opt for valuation. Variation is taxable.
CAclubindia
