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Notice response

Ayesha Soni (ACCOUNTANT & AUDITOR) (34 Points)

12 February 2015

I GOT NOTICE FROM IT DEPT. FOR DEPOSITING OF CASH EXCEDDING 10 LAKH IN PY 2010-2011 IN MY SAV A/C ON MY NAME ..MY FATHER IS AGRICULTURIST & AGRI.LAND IS ON THE NAME OF MY FATHER & (SUCH SUM RELATING OF MY FATHER ITS SALE PROCEEDS OF AGRICULTURE PRODUCT )NOW MY QUE IS HOW TO SHOW SUCH FACT IN NOTICE??

HOW I CONVINCE IT DEPARTMENT

CAN I SHOW AGRICULTURE INCOME IN MY IT RETURN FOR AY 2014-2015 EVEN THOUGHT AGRI. LAND IS ON NAME OF MY FATHER ??

PLZ FEED BACK EARLY

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Anubhav (Chartered Accountant) (429 Points)
Replied 12 February 2015

Originally posted by : Ayesha Soni
	I GOT NOTICE FROM IT DEPT. FOR DEPOSITING OF CASH EXCEDDING 10 LAKH IN PY 2010-2011 IN MY SAV A/C ON MY NAME ..MY FATHER IS AGRICULTURIST & AGRI.LAND IS ON THE NAME OF MY FATHER & (SUCH SUM RELATING OF MY FATHER ITS SALE PROCEEDS OF AGRICULTURE PRODUCT )NOW MY QUE IS HOW TO SHOW SUCH FACT IN NOTICE?? Kindly make a note explaining the transaction, attach your bank statement highlighting this transaction. HOW I CONVINCE IT DEPARTMENT. Show this as a gift from father out of love and affection , check sec 56(2)(vii) of The Income Tax Act. It will be exempt. & CAN I SHOW AGRICULTURE INCOME IN MY IT RETURN FOR AY 2014-2015 EVEN THOUGHT AGRI. LAND IS ON NAME OF MY FATHER ?? Since land is not in your name, you cannot club your fathers incme. PLZ FEED BACK EARLY