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INCOME TAX ON SHARE OF SALES PROCEEDS OF ANCESTRAL AGRICULTURE LAND

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Respected Sir

My wife has got an amount of Rs.10 lakhs in cash towards her share of sales proceeds of ancestral agriculture lands from her father's side which she has deposited in her bank account

Whether this amount is taxable income 

If yes, What is the alternative suggestion  so that payment of income tax can be avoided legally

Replies (1)
It Is exempted however your wife may receive notice calling for the sources of the cash deposits. further as per section 269ST she's not supposed to be receive cash in excess of 200000. there's possibility to initiate penalty proceedings under section 271DA


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