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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Agricultural land sold in Cash
Replies (7)
Quick Summary
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..
No impact on income tax as it is not a capital asset
Can not Receive/accept 2 lakh or more in Cash..
Section 269ST attracted
Penalty 100% of Amount received in Cash.
Section 269ST attracted
Penalty 100% of Amount received in Cash.
Cash was directly deposited by Buyer... Did not receive any cash... Please advices
Both are same....it's not allowed
what is agreement value ..it's 28 lakhs or 20 lakhs ?
what is agreement value ..it's 28 lakhs or 20 lakhs ?
Sagar patel Ji... ₹28lacs in all documents/ transfer ownership doc..
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).
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).
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