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Agricultural land sold in Cash

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Accountant
285 Points Posted on 03 October 2020
Dear All,

if the agricultural land was sold in Rs. 28 Lacs out of which 20Lacs received by cheque and 8 lacs cash deposited by buyer into seller account.

what will be impact on income tax . Please help to clear..

Thank you
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On 03 October 2020 at 19:07 Report
Replies (7)
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133 Points Posted on 03 October 2020
Agricultural land is not a capital asset as per Capital gains provision so no tax impact will be there on the transaction whether it's cash or bank transaction..
1 Reply
On 03 October 2020 at 19:25
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Tax consultant
5895 Points Posted on 03 October 2020
No impact on income tax as it is not a capital asset
57 Reply
On 03 October 2020 at 20:29
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Tax and Business Consultant
11616 Points Posted on 04 October 2020
Can not Receive/accept 2 lakh or more in Cash..
Section 269ST attracted
Penalty 100% of Amount received in Cash.
66 Reply
On 04 October 2020 at 17:12
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Accountant
285 Points Posted on 05 October 2020
Cash was directly deposited by Buyer... Did not receive any cash... Please advices
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On 05 October 2020 at 20:54
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Tax and Business Consultant
11616 Points Posted on 05 October 2020
Both are same....it's not allowed

what is agreement value ..it's 28 lakhs or 20 lakhs ?
66 Reply
On 05 October 2020 at 22:57
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Accountant
285 Points Posted on 06 October 2020
Sagar patel Ji... ₹28lacs in all documents/ transfer ownership doc..
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On 06 October 2020 at 21:29
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Tax and Business Consultant
11616 Points Posted on 06 October 2020
Than sir it's not allowed..
Section 269ST of income tax, 1961 attracts.
Seller can not received Rs. 2,00,000 or more in Cash (Cash deposited by buyer also considered as cash only).
66 Reply
On 06 October 2020 at 23:20


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