Ayesha Soni (ACCOUNTANT & AUDITOR) (34 Points)
12 February 2015I GOT NOTICE FROM IT DEPT. FOR DEPOSITING OF CASH EXCEDDING 10 LAKH IN PY 2010-2011 IN MY SAV A/C ON MY NAME ..MY FATHER IS AGRICULTURIST & AGRI.LAND IS ON THE NAME OF MY FATHER & (SUCH SUM RELATING OF MY FATHER ITS SALE PROCEEDS OF AGRICULTURE PRODUCT )NOW MY QUE IS HOW TO SHOW SUCH FACT IN NOTICE??
HOW I CONVINCE IT DEPARTMENT
&
CAN I SHOW AGRICULTURE INCOME IN MY IT RETURN FOR AY 2014-2015 EVEN THOUGHT AGRI. LAND IS ON NAME OF MY FATHER ??
PLZ FEED BACK EARLY
Anubhav
(Chartered Accountant)
(429 Points)
Replied 12 February 2015
| Originally posted by : Ayesha Soni | ||
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I GOT NOTICE FROM IT DEPT. FOR DEPOSITING OF CASH EXCEDDING 10 LAKH IN PY 2010-2011 IN MY SAV A/C ON MY NAME ..MY FATHER IS AGRICULTURIST & AGRI.LAND IS ON THE NAME OF MY FATHER & (SUCH SUM RELATING OF MY FATHER ITS SALE PROCEEDS OF AGRICULTURE PRODUCT )NOW MY QUE IS HOW TO SHOW SUCH FACT IN NOTICE?? Kindly make a note explaining the transaction, attach your bank statement highlighting this transaction. HOW I CONVINCE IT DEPARTMENT. Show this as a gift from father out of love and affection , check sec 56(2)(vii) of The Income Tax Act. It will be exempt. & CAN I SHOW AGRICULTURE INCOME IN MY IT RETURN FOR AY 2014-2015 EVEN THOUGHT AGRI. LAND IS ON NAME OF MY FATHER ?? Since land is not in your name, you cannot club your fathers incme. PLZ FEED BACK EARLY |
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For further query PM or mail me:-
Anubhav Jain
AJH & CO.
anubhavjain @ ajhco.in
CAclubindia
