Notice by income tax department on deposition of cash

We had sold our agricultural land in 2012 with registered sale amount 1 crore but acual deal was of 2.5 crore n deposited whole  cash amount in bank after sale of agricultural land.now income tax is asking for source of money.our Grandfather is an illiterate person no knowledge of tax n he accepted amount (1.5crore cash+1 crore cheque.we have purchased property with this money n nothing left to pay tax. We don't have copy of aggriment which was of actual amount but registry was done at less rate.kindly suggest bcoz otherwise our land is beyond MCG n no tax liability.
Asked 2 years ago in Income Tax from Gurgaon, Haryana
can u please give more info.  or call on 9849265559
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
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Please donot discuss this issue on public forum. Kindly consult a CA in person. You could put yourself in trouble by putting such details on a public forum. Contact 7418023344 for details
Shashank Surana
CA, Chennai
60 Answers
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Dear Sir,

You can show that the Cash deposited by you is from Sale of Agricultural Land but it is obvious that the revenue will expect you to show cause for him to believe that the amount you deposited is from the Sale of that very Agricultural Land. 

In short you should have some proof, to prove that the money is from Sale of Agricultural Land and hence not liable to tax.

Regards,

CA Rohit R Sharma
Rohit R Sharma
CA, Mumbai
2055 Answers
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Dear Sir,

With respect to your quarry kindly let me know following.

1. Have you file return of income for particular year
2. Date of Sale of Property
3. Date of Purchase of Property
4. Whether party to whom the property is sold is known to you and co-operative ?

Kindly do needful to revert you back accurately.
Vishrut Rajesh Shah
CA, Ahmedabad
605 Answers
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