Income tax reg
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2016
Sir,
I wish to clarify some doubt
i.e.
1.If an Individual have Rs.1 Crore Cash will attract Wealth Tax(Earned from Agri Activities)?
2.Whether anybody can give the loan with interest to others out of the tax sufferred Income?
ex:Mr.Ram earned Rs.60 Lakh as salary & paid the Tax in A Y 2012-13.Now the same has been given to somebodies as Loan for 10% Interest.Whether is it legally allowed or Illegal Business?
3.Is there any Limit to claim exemption under Agri Acivities?
Ex: If Mr.Rahul have 200 Acres & got Rs.10 Crore as Agri Income P.a.Is it 100% Exempt? or is there any Limit ?
4.Is it mandatory to reinvest to avoid Capital Gain if the sale Proceeds from Agri Land or any Land situated in Rural Areas?
I wish to clarify some doubt
i.e.
1.If an Individual have Rs.1 Crore Cash will attract Wealth Tax(Earned from Agri Activities)?
2.Whether anybody can give the loan with interest to others out of the tax sufferred Income?
ex:Mr.Ram earned Rs.60 Lakh as salary & paid the Tax in A Y 2012-13.Now the same has been given to somebodies as Loan for 10% Interest.Whether is it legally allowed or Illegal Business?
3.Is there any Limit to claim exemption under Agri Acivities?
Ex: If Mr.Rahul have 200 Acres & got Rs.10 Crore as Agri Income P.a.Is it 100% Exempt? or is there any Limit ?
4.Is it mandatory to reinvest to avoid Capital Gain if the sale Proceeds from Agri Land or any Land situated in Rural Areas?
12 November 2016
1 Yes cash holding in excess of Rs. 50,000 attracts wealth tax.
2 Yes loan with interest can be given out of tax suffered income but through cheque/DD for payment in excess of Rs.20,000.
3 No limit but the claim should be reasonable based on land holdings and crops harvested.
4 No need of reinvestment on sale of rural agricultural land. No cash exceeding Rs. 20,000 can be accepted on sale of land.
2 Yes loan with interest can be given out of tax suffered income but through cheque/DD for payment in excess of Rs.20,000.
3 No limit but the claim should be reasonable based on land holdings and crops harvested.
4 No need of reinvestment on sale of rural agricultural land. No cash exceeding Rs. 20,000 can be accepted on sale of land.
13 November 2016
I think Wealth Tax abolished.
13 November 2016
Yes it is.,.................
13 November 2016
Further Practically all are giving cash in sale of Land in rural areas.Could you please tell me the relevant provisions which one prohibites to do not accept cash above Rs.2000 in sale of agri land?
14 November 2016
Cash can be paid by farmers who don't have any taxable income.
14 November 2016
Thank you so much for your reply
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