Sale of agriculture land

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Cricket Fever (Querist)
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15 November 2016 My father(58) is an railway employee gets paid almost 6 lakhs per annum(He never filed IT returns). Recently he sold a agricultural land he got 30 lakhs rupees. He deposited in Icici bank but the manager harassed my father with huge amount in his account, so he withdraw-ed 20 lakhs rupees. Now with the 500, 1000 currency will there be a IT problem if he exchanges his money. What are his options now. Waiting for someones reply.Thank you in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2016 Depositing old notes in excess of 2.50 lacs will be enquired in to by the IT dept. He should not have accepted cash for sale of land being a railway employee earning taxable income.

Cricket Fever

Cricket Fever (Querist)
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15 November 2016 Sir the government land price was 12 lakh so we were forced to take cash. And registration process is not yet completed because of the currency ban,so please give a solution

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2016 Return the cash and insist for bank payment.

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