Type of ITR for the amount obtained from sale of agriculture land

Respected Sir,
 
      I (65 year old) run a retail shop. I have PAN but my income couldn't cross the basic exemption limit of IT in any F.Y., so I never filed ITR. I sold a piece of agricultural land (on which Capital Gain Tax is not applicable) on 25.02.2016 and found Rs. 8,00,000/- as sale value( sale value is the same on the sale deed also). I have kept this amount in cash with me to purchase a piece of land but I have been forced to deposit this amount in my bank account due to demonetization. Now my question is that-
1. How to make this money accounted? Which type of ITR should be filed so that I can show this amount is tax free or exempted from IT and obtained through valid source of income?
2. For this purpose, shall I have to open an income tax file and make any type of balance sheet or financial statement? Will such file or statement be required to file ITR as some local CA advised me?
3. Shall I have to declare my all movable and immovable property in my income tax file or in return along with valid source of income as advised by local CA.
4.  I have Rs. 4,50,000/- in my  bank account (saving account) which I saved in the last 5 year by depositing my small -small savings. Shall I have to give details of this amount in the same ITR or no need because it is already accounted and exempted?
5. Am I late to file ITR because the land was sold in the last F.Year as on 25.02.2016 or still I can file now also? Is there any penalty?
Asked 13 days ago in Capital Gains Tax from Katihar, Bihar
Sir 
1. You can file 2 Income Tax Returns as on date I.e. for Year ended on 31st March 2015 & 2016.
2. Your ITR is late and maximum penalty for  late filling of ITR is Rs. 5000 which is rarely levied this file your itr without paying any Penalty.
3. Tax exemption basic limit is Rs. 300000+20000(upto income of Rs. 500000) in your  case 
Thus u can file 2 years itr and make 640000 without paying any tax 
4. You can show profit on sale of agriculture land which is exepmt or show as per point 3
5. Sir at your age u can easily justify that this is your accumulated savings 
6. You can file ITR4S without making balance sheet but plz not forgot to show interest income on saving account because interest on saving account mire than Rs. 10000 is taxable income.
Lalit Bansal
CA, New Delhi
76 Answers
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Hello Sir,

1. You can file ITR - 2 and show the amount in Exempt Income Tab.

2. There is no need to prepare a Balance Sheet but it is better to prepare a bank summary/ record for your own reference in case some query is raised by the Income Tax Officials.

3. As no Balance Sheet is prepared, there is no need to show all your movable or immovable assets but you can prepare a record for your own reference.

4. In ITR -2, no such details are to be filed.

5. You can file the return now, without any penalty.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
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Hi,
1) you need to show this income under exempt income, you can file ITR 2.
2)  there is no need to prepare for balance sheet for ITR. But if question raised by the assessing officer then you may need to prepare balance sheet of your personal assets.
3) same as above- if the assessing officer demands. not while filing IT return.
4) no need , you just need to mention all bank accounts numbers in your IT return.
5) yes, you can file return for FY2015-16 upto 31st March 2017. no as there is no tax liability, so there will be no penalty.
Vishakha Agarwal
CA, Bangalore
213 Answers
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  Talk to Vishakha Agarwal
Dear Sir,

Please find the response below:

1. You have to file ITR 2 and put the amount in exempt income column.

2. Income tax file is nothing but ITR and supporting document thereof. Yes, you need to maintain the same.

3. Not required

4. No, you don't need to. ITR is  year specific. In a single ITR, you have to show the income earned in that particular year.

5. You are filing late ITR, but it not too let, you can still file it without any penalty.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
773 Answers
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Hi,
your conclusion is correct,
but there is no need to send any physical proof. if IT department intimate you then it may required to send documents as proof.
you are required to file IT return online and e verify it.
Vishakha Agarwal
CA, Bangalore
213 Answers
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  Talk to Vishakha Agarwal
No copy need to be send
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
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  Talk to Vishrut Rajesh Shah
Dear Sir,

Right. further, you have to e-verify your return after filing your return. If you dont e-verify it, you can send signed acknowledgment copy to  CPC Bangalore.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
773 Answers
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  Talk to Abhishek Dugar
No need
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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  Talk to Shyam Sunder Modani
Hello Sir,

There is no need to send any attachment. Just send a signed copy of the ITR - Acknowledgement.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
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  Talk to Rohit R Sharma
Hi,
i mean as you are e filing IT Return, you can not attached any physical proof of documents. and also it is not required to send any document proof for any income or exemptions claim, until it is call upon  by the assessing officer.
Vishakha Agarwal
CA, Bangalore
213 Answers
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  Talk to Vishakha Agarwal

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