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romil jain (Querist)
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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?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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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

bodla upender

bodla upender (Expert)
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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

pushpendra

pushpendra (Expert)
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17 March 2008 Cash not recored in the books are chargeble to wealth

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