sir,
it is possible to sell rural land (valu 16 lacs) against cash to a villager?
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Purchase of rural land in cash
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According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer
THANKS SIR
if any person has purchase of land from rural areas TDS shall not applicable of such land .,if person has purchase of land from urban areas 50lac or more then such land TDS would be @ 1%
income from sale or purchase of land such income of head of capital gain
According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer
thank you so much for sharing very deep knowledge.
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