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sale of parental agricultural land.

24 July 2018

Sir
My father is going to sale agricultural land in my village for market price Rs. 1650000. Can we accept payment in cash. Or partially in cash

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195885 Points)
Replied 24 July 2018

No. As per section 269SS of Income tax act, any receipt of Rs. 20000/- or more is prohibited by cash mode.

Raju Mittal (7 Points)
Replied 24 July 2018

Sir
The actual position is
my grand father had sold that land to buyer before 23 year back, but the buyer didn't register that land that time. Now grand father expired 7 year back now the buyer is saying for registration and he is not able to give amount by cheque or rtgs.
Kindly suggest a way to come out from this situation.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195885 Points)
Replied 24 July 2018

Do you have any documatory proof of agreement?

Raju Mittal (7 Points)
Replied 24 July 2018

Sir
We don't have any kind of proof. But the buyer has hold on land since 23 year ago. Every person in my village know that we have sold that land many year ago

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195885 Points)
Replied 24 July 2018

It is advisable to contact a local CA/ tax professional, and see how best he can help you ...

Raju Mittal (7 Points)
Replied 24 July 2018

What could be best according to u sir

rama krishnan (12244 Points)
Replied 24 July 2018

you can receive in cash up to 2 lacs... balance you are required to receive by account payee cheque or account payee DD or through ecs orelse section 269ST will attract