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?
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
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
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