banner_ad

for urgent consideration

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 February 2008 1) Is agricultural land of value
Rs.2000000 is chargable to wealth tax?
2) Is advance against purchase of farm
Land is chargable to wealth tax?
Profile Image

S.Srinivasaraghavan

Profile Image

S.Srinivasaraghavan (Expert)
08 February 2008 1)Agricultural lands are not chargeable assets u/s 2(ea)of Wealth Tax Act.
2)Cash in hand in hand in excess of Rs 50000 are chargeable
Profile Image

bodla upender

Profile Image

bodla upender (Expert)
09 February 2008 Here we have to deeply go into the subject that your query of Advance payment for purchase of farm land - the payment should be eighther a/c payee cheque or demand draft from your source of funds. After purchase if any non agricultural activities carried on then it will attract Income Tax certainly
by
Bodla Upendra
Financial & Tax Consultant
cell: 09948014997
Profile Image

pushpendra

Profile Image

pushpendra (Expert)
17 March 2008 Cash not recored in the books are chargeble to wealth
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details