Sale of rural agriculture land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2018 FOR ASSESMENT YEAR 2011-12 Assessee has sold rural agriculture land for Rs.43 lacs and deposited Rs. 23 lacs Cheque being Stamp duty value and 20 cash, the registery value is 23 lacs and now AO is asking details of 20 lacs if We say this is from sale of rural agriculture land which is exempt . Would it be valid answer saying it is exempted income. otherwise AO may tax 20 lacs as income from other sources not treating as from sale of Rural Agriculture land.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 August 2018 It's not a valid answer. Equal penalty will be levied for accepting cash in excess of 2lacs section 269ST. Besides tax payable treating it as gift by AO.

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