Income tax
This query is : Resolved
12 November 2016
Sir, One of my friend has sold his agricluture land has rs10 Lacs in hand ,he is filling itr . Can he deposit the amount in bank , will he be fined or penalised for it.please suggest
12 November 2016
he has not inclued this agricluture sale amount in itr . how to gohead further
12 November 2016
No cash exceeding Rs. 20,000 can be accepted for sale of agricultural land. Penalty applicable if source is not proved for deposits exceeding 2.50 lacs.
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