Dear Sir I Sale Rural Agriculture Land in 2012-13 In 4 Lakh Rupees But Guide Line Value Of Land Is 580100 and Now I Received Income Tax Notice. So Am I Liable for Capital Gain
Section 50C is not applicable to sale of agricultural lands if it is exempt.
Here you sold rural agri land which is exempt as it's not captial asset.
Section 50C talks about the determination of the sales consideration in certain circumstances in order to compute the capital gain arising from the transfer of capital assets being land or building or both .
(This talks about guide line value)
In nutshell, You are not liable for captital gain. But write a detailed explanatory letter alongwith copy of supporting documents.
My village is Nagar Panchayat which consists of 3 villages and has a population of 11000 According 2011. but my land is 3 kilometers away from the Panchayat office.