Sale of Agricultural Land

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  1. Bhaveen Pael

    Bhaveen Pael New Member

    Dear Chartered Club,

    My father and his brothers has sold out 5059 sq. mt. of an agricultural land situated in our ancestral village to a builder in which he was having 1/4th share. The total sales proceed was Rs. 35.41 Lacs out of which he has received Rs. 8,85,325/-. Out of this he reinvested Rs. 1,29,900/- in name of my mother for purchase of a plot in the scheme the builder has floated after converting the agricultural land into Non agricultural.

    IT Office has issued a notice ( a scanned image of the same is enclosed herewith for your reference please.) quoting Rule 114B and 114D of IT Rules r.w.s. 139A(5).

    Although I am preparing reply as requested by them wide their referred and attached notice, could you please let me know the tax liability or tax exemptions under IT ACT.

    Thanking you.

    Bhaveen Patel

    Encl: a.a.
     

    Attached Files:

  2. ZED

    ZED Well-Known Member

    Perhaps the doc has not been uploaded properly.
    You may also mail the same.
     
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