sir I have recieved a notice from income tax department India . my father sold the agriculture land in December 2012 . which was the ancestral land. now we have received a letter/notice from income tax department that
1. provide the details of computation of capital gain received by sell of immovable property.
what can I do sir now. please help me
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computation on capital gain of sell of ancestral land
Replies (4)
" my father sold the agriculture land in December 2012 . which was the ancestral land............."
If it was rural agricultural land, capital gains would be tax exempt. So, reply accordingly.
But check if it was within the boundaries of specified area, in that case tax liability would arise. Better take help of any local CA/ tax expert.
thanks sir .that land was situated at 2 km distance from my village . and there is no city no m.c
So, take a copy from Village Development Officer or Surpanch about the land to be rural agricultural land, and reply about the transaction as tax-exempt.
ok sir ji. thank you so much
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