Sale of agricultural income
This query is : Resolved
04 January 2015
we had an agricultural land sold in 2010 for 15 lakhs it was the land given from my for fathers before 1950.. i don't knw the cost .i deposited all amount in the bank for 6 months .after that i purchased a land worth 4 lakhs.in 2014 i got a notice from income tax to submit the income tax returns filed.i don't have any other income ather than agricultural income . and i had a income certificate given by govt below 1 lakh
04 January 2015
No tax payable on sale of agricultural land provided the value of sale deed executed for sale of land is 15 lakhs. Please give the value of sale deed executed for land sold in 2010.
05 January 2015
As you mentioned that you had deposited Rs. 15 lacs in bank your bank a/c without submitting ROI in that case department wan't know the source cash deposit.
In that case you first need to know that whether that land was actually rural agricultural land by referring definition of Asset under section 2(14) under income tax.
if it comes under the definition of Rural agricultural land then there will be no problem.
However if not comes under the definition of Rural Agricultural land then you need to pay taxes on such capital gain along with penalties levied by AO under section 271(1)(c).
2nd in both case you need to file return of income under 148.
Note: Refer the definition of rural land as prevailing at the time transfer (2010), not as per prevailing at this time.
In that case you first need to know that whether that land was actually rural agricultural land by referring definition of Asset under section 2(14) under income tax.
if it comes under the definition of Rural agricultural land then there will be no problem.
However if not comes under the definition of Rural Agricultural land then you need to pay taxes on such capital gain along with penalties levied by AO under section 271(1)(c).
2nd in both case you need to file return of income under 148.
Note: Refer the definition of rural land as prevailing at the time transfer (2010), not as per prevailing at this time.
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