Sale of rural agricultural land
This query is : Resolved
22 September 2014
Q1. IS IT MANDATORY TO HAVE PAN NO. FOR A FARMER AT THE TIME OF SALE OF RURAL AGRICULTURAL LAND.?
22 September 2014
ye sin order to claim exemption and to file exempted agriclutural income in itr u need to quote a valid pan no.
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Nikhil Kaushik
(Expert)
22 September 2014
if you are referring to PAN of the buyer, then it is not required. With regards to PAN of the seller, since the income is all exempt, even if you dont file the return, department cannot question you...
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22 September 2014
but the exemption is available only if its claimed in itr in exempted income table in itr and then only its exempted so u need a valid pan number
22 September 2014
I AGREE SINCE THE INCOME IS EXEMPT THERE IS NO NEED TO FILE RETURN.
Q2. WHETHER PAN NO. OF SELLER (IN THIS CASE FARMER) IS REQUIRED TO BE MENTIONED IN THE SALE DEED.?
Q2. WHETHER PAN NO. OF SELLER (IN THIS CASE FARMER) IS REQUIRED TO BE MENTIONED IN THE SALE DEED.?
Nikhil Kaushik
(Expert)
22 September 2014
not necessary tushar...if you refer to section 139(1), return is to be filed only if the total income exceeds basic exemption limit after providing for chapter VIA deduction. Since total income excludes Section 10 incomes, there is no case for the same to be considered for computing 139(1) compliance requirement.
So if the income doesn't exceed the basic exemption limit, return is not required to be filed. Needless to say that the above wont apply to firms and companies.
Bhavin, PAN of seller is also not required as such as 194-IA doesnt apply to agriculture land. However, it is advisable to have the same for record purposes.
So if the income doesn't exceed the basic exemption limit, return is not required to be filed. Needless to say that the above wont apply to firms and companies.
Bhavin, PAN of seller is also not required as such as 194-IA doesnt apply to agriculture land. However, it is advisable to have the same for record purposes.
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Rupesh Jain
(Expert)
22 September 2014
if you required PAN for money deposit in bank then you can submit form 61 with the bank.
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