Agriculture income

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  1. Girish Sahu

    Girish Sahu New Member

    i had an agriculture land which i sold as par registry value 48,29,000/- which has market value 55,42,250/- in the year of 2008-09. at the ending of march 2016 i got notice from IT depart. that provide source of income and return( which we didn't file then- cause of agriculture land).
    they are taking our income as market value (55,42,250/-) but registry papers have 48,29,000 the actual value we got by selling land.
    are we guilty or liable to pay any penalty or something ?
     
  2. ZED

    ZED Well-Known Member

    Was that an urban land or rural land?
     
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