Section 269ss - income tax

ITR Filing 687 views 1 replies

Hi Experts,

i have a small query.

A person claimed that he sold his agricultural land and given Rs. 10lac to his maternal uncle on returnable basis. However his uncle is not an income tax assesse. Moreover both these persons claim to have this done as cash transaction. Will this transaction will be count in the annual income of the person who claim to receive this on returnable basis. Can Income Tax department will take any action against these persons if in case this is not a valid transaction.

Replies (1)

you report under 269ss and state his name and state his pan if pan is not there then state that he has no pan card

ya if penal provisions are there in the same section once refer capital gains is not applicable for sale of agricultural lands so it will be income under other sources


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