14 July 2013
Sir, My father sold a agricultural land in 25 lacks and the govt. cost of land is 79 lacs. He got payment by cheque and in the mean time he transfered the money through in my S/B Account 25 lacs. I gota notice from income tax department . Till date i hadn't file any return. The notice contain through AIR the department got information , now what i should do ?
14 July 2013
The facts given in the query are not fully disclosed. . If you have not filed your return earlier; file now if it is not time barred. . Better you consult the case with an expert to avoid undue hardships from the I.T. Dept.
CAclubindia
