Cash Deposit in Saving Account

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Dear experts please solve my query

Ek kisaan ko income tax se notice mila h jisme 10 lakh cash deposit kare the saving account m A. Y 12-13 me jo ki agriculture land sale ki thi uske amount deposit ki thi wo land municipal Corporation or Nagar Nigam se 8 km se jyada door h ab kya kare
Replies (7)
Land agricultral thi at the time of consideration
Yes land is agriculture on sale time
Assuming it is rural Agricultural Land, there is no tax on it.
In reply to notice -
Aap Agri land sale agreement ki copy de sakte hai, aur bank pass book jis mein 10 lakhs jama Kiya woh dikhaiye
@ vinod
no capital gain tax.
you do not hv to show anything.
since u hv deposited on one day.
you should put the money in 15 days.
segregate it.
@ sabyasachi, whether you deposit in lumsum in one day or on different days is immaterial. if the aggregate of the deposits exceeds 10 lakhs in a year, it'll be captured in SFT and as such department will ask for source.

as stated by Mr. kapadia, file reply along with copy of sale deed and bank statement and state that the sources for the deposit is sale consideration of rural agricultural land. since, on money transactions are rampant in property transactions there's possibility that your document value might be less than actual deposits made. In that case, if possible get confirmation letter from purchaser that he had actually paid rs 10 lakhs or more
@ rama
who is denying that.
It is not exceeding Rs. 5 less than Rs. 10 lakhs.
Rs. 5 will be donated .
Don't create a chaos.

Make your doubt clear, I couldn't understand what do you want to convey. Moreover I'm not creating any chaos. I just stated the threshold limit for SFT


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