Rural Agri Land (Sale proceeds to be accepted in Parent Bank Account)
This query is : Resolved
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..
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