Rural Agri Land (Sale proceeds to be accepted in Parent Bank Account)
This query is : Resolved
Quick Summary
10 April 2025
Sir,
If Rural agricultural land is in 3 names (father+ 2 sons). While selling, father wants to accept full money in his own bank account (because he doesn't want to distribute to sons at this point of time).
Can the father do that?
(Note - Full transaction through RTGS, no cash involved. Also the land is Rural Agri, so there is no capital gains tax anyway)
The AIS of sons will show the asset sale, so do the sons need to explain something in their ITR?
Thanks
If Rural agricultural land is in 3 names (father+ 2 sons). While selling, father wants to accept full money in his own bank account (because he doesn't want to distribute to sons at this point of time).
Can the father do that?
(Note - Full transaction through RTGS, no cash involved. Also the land is Rural Agri, so there is no capital gains tax anyway)
The AIS of sons will show the asset sale, so do the sons need to explain something in their ITR?
Thanks
10 April 2025
1. Yes, possible.
2. Better to declare exempt income in all three ITRs to negate any query from ITD.
2. Better to declare exempt income in all three ITRs to negate any query from ITD.
29 September 2025
Good luck..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Rental income of jointly held property
- LIABILITY ADJUSTMENT
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Banking Related Issue
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
