269 SS

This query is : Resolved

aakash dalmia (Querist)
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17 June 2016 Whether 269SS gets attracted in the following cases?? 1) Where a partner in a firm who receives only share of profit, besides he also have agricultural income. He receives 50000 in cash from sale of agricultural land. Buyer of the agricultural land only have agricultural income... 2) Same as above except he is not a partner in a firm and have only dividend income. Please reply its urgent!!!

Rupesh Jain

Rupesh Jain (Expert)
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17 June 2016 pls see this
Provided further that the provisions of this section shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this Act.]

if both have agriculture income then this section not apply.

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