27 January 2014
Sir my employer has purchase an agricultral land for rs 1250000 in 2008-2009. But the person from whom we purchase the land is receiving notice from income tax office that the person should pay tax on rs 5661600 which is the value decided by the govt.. what should the person do?? Does the person is required to pay tax on the amt of rs 5661600 or should pay tax on rs 1250000.
CAclubindia
