Can a person purchase agriculture land by making payment in cash up to 2 lakhs
This query is : Resolved
16 November 2022
Good evening all, can a person purchase agriculture land by making payment in cash up to 2 lakhs
16 November 2022
Yes, provided the purchaser is also an agriculturalist and both have no taxable income as per IT act.
Otherwise as per sec. 269SS of IT act, Rs. 20,000/- is the limit.
Otherwise as per sec. 269SS of IT act, Rs. 20,000/- is the limit.
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16 November 2022
ok, thank you very much sir,
16 November 2022
According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer.
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