It assessee purchases of agrilculture land value rs:456135/- payment through on cash mode in f.y. 2014-15.
Question:
Agrilculture land purchases cash mode allowed and penality applicable in it act.
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PURCHASES OF AGRILCULTURE LAND CASH MODE
Replies (2)
As per sec. 269ST of IT act, seller cannot accept Rs. 2 lakhs or more by cash for sale of land. There may not be any liability over purchaser, but query raised for such a big amount of cash in hand.
There are restrictions for any business expenditure -rs.10000.
rs.35000 in case of payments for plying , hiring or leasing goods .
Any payments made in contravention of the above will be disallowed expenditure.
B)payment or aggregate of payments to any person on a single day in respect of rs.10000.
restriction on acceptance of loans , deposits , of rs.20000 or more in cash.
restriction on repayment of loans and deposits.
rs.35000 in case of payments for plying , hiring or leasing goods .
Any payments made in contravention of the above will be disallowed expenditure.
B)payment or aggregate of payments to any person on a single day in respect of rs.10000.
restriction on acceptance of loans , deposits , of rs.20000 or more in cash.
restriction on repayment of loans and deposits.
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