A person sold agricultural land for cash for Rs 10 lakhs in financial year 2016-17. I would like to know whether section 269SS is applicable for this transaction since it is a sale of agricultural land?
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Section 269ss
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An exception .............Provided further that the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
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