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
Shyam Sunder Modani
CA, Hyderabad
1404 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani
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.
B Vijaya Kumar
CA, Hyderabad
666 Answers
5.0 on 5.0
  Talk to B Vijaya Kumar
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.
Vijay N. Kale
CA, Hyderabad
248 Answers
4.9 on 5.0
  Talk to Vijay N. Kale

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Lakshita Bhandari
CA, Mumbai
584 Answers
5.0 on 5.0
Abhishek Dugar
CA, Mumbai
2081 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
1837 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
656 Answers
5.0 on 5.0
Lalit Bansal
CA, Delhi
417 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
407 Answers
4.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
666 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
1404 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
598 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
363 Answers
5.0 on 5.0