Regarding land sale proceeds
Debashish
(Querist) 18 September 2015
This query is : Resolved
I had deposited the sale proceeds of my inherited land an my savings bank account amounting to Rs.18 lacs in tne year 2012.The same amount has been utilised in purchasing my current house property in tne year 2014.Now, I have got a letter from income tax department as to why i had not filed a return for AY 2013-14 inspite of deposit of amounts more than 10 lacs in my savings account.My answer is that since the amount has been utilised in purchasing of a property of equal value,there has been no gain in the process and as per provisions of Sec 54F of income tax act, my gain is exempted. I need to mention that I have never filed income tax return as my taxable income is below the slab for an individual.Plz mention if my reply is correct and if i can file a return for that year now.
R.K Nanda
(Expert) 18 September 2015
consult tax lawyer.
Rajendra K Goyal
(Expert) 18 September 2015
Reply the notice through your tax consultant.