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Purcahse of land 5 lacs through cash

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 November 2013 Dear Experts,

As a individual can i Purchase a land worth of 5 lacs through cash from another individual

What are the legal implications as per the income tax for above 5 lacs transactions through cash between individual to individual
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
17 November 2013 The seller's PAN is important. The Purchaser should be in a position of explaining the source of fund. The land should be purchased as a capital asset or say not forming part of stock in trade.
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Querist : Anonymous

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Querist : Anonymous (Querist)
28 November 2013 thanks you sir
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