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..
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
