Sale of agricultural land
i sold agriculture land in 2011-12 and the money i received was more than stamp duty valuation of agriculture land and in 2011-12 i deposited whole money(cash) in my saving bank account but now few days ago i received a notice from income tax department to prove source of income .What can i do?
Asked 2 years ago in Income Tax from Bathinda, Punjab
You can calculate the Tax liability and if tax there you can pay and file the return and then answer the same to department
Talk to Shyam Sunder Modani
5.0 on 5.0
If you have taxable income you should file Income tax return. As you have deposited cash into your bank account, you should be able to prove conclusively about the genuineness of the transaction and its tax implications.
Talk to B Vijaya Kumar
5.0 on 5.0
You have to state that the money in the bank account represents sale consideration received on sale of agricultural lands and it is not taxable under Income tax act. Also you may be called upon to produce documentary evidence for sale of agricultural lands.
Talk to Vijay N. Kale
4.9 on 5.0