Sale of agriculture land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2016 If a person sells a agriculture land and whole consideration is received in cash.The agriculture land is situated in a village where no banks has its branches.

Will the amount of consideration deposited in bank,by creating a new account now by visiting a city,will make an issue.
As gain from sale of agriculture land is exempt from tax and no bank has branches in the village.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 November 2016 Sale of property for cash in excess of Rs. 20,000 is not allowed. DD has to be taken through the near by branch. Such excuses will not be accepted.

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2016 As there is no bank in village of the concerned person, It is a justifiable reason for the same as per my opinion, Correct me if i am wrong with particular section