Sold agricultural land

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harsh (Querist)
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03 January 2013 sold agri land in current financial year which was complete out of ambit of capital gain's, howsoever do i have to mention that i have sold agri land while filing income tax return for the year?

If not then perhaps chances are i will receive a letter from the tax guys, later on period. how to avoid or tackle that?

Anand

Anand (Expert)
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03 January 2013 If you are e-filing return then you dont have to mention anything at the time of filing return. But include this in your computation of income and if and when you receive your first notice for assessment provide them the working and the documents to prove that the same is agricultural land.
If you are filing manual return, it is advisable that you have a note in your computation stating the computation.

Anand

Anand (Expert)
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harsh

harsh (Querist)
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03 January 2013 kisan bahi, is sufficent i suppose, @ present i am a retired guy with no earnings, and no pension, sold agri land :: i could not get the point to include amount in computation, i sold it for 15 lakhs, deposit in bank, however as per circle rate it was 49 laks though paid stamp accordingly, firmly the land was transfered to me in 1983, and far off so no cap gains ambit, perhaps section (50 c ) might be usefull..

kindly compute for me if possible