Sell of agricultural land

1.yes
but not all in cash in one day.
deposit ib bank on different days.
2. does she want to show the entire amount in cash.
3.ok
4. rural agricultural land no tax.
5.there are various proofs required.
6. no penalties.

Thanks sabyasachi mukherjee sir for your reply.

Yes she want to show entire amount in cash.

1.How much income tax need to be paid for sale of agricultural land?(she has no any other income)

2. What are the proofs to be required to show income tax department?

1. you are not supposed to receive sale consideration in excess of 20000. it will attract 269ss and ultimately your mother have to pay entire amount received in cash in excess of 20000 as penalty
2. yes, you can
3. if it is rural agricultural land, it's exempted from tax
4. refer above reply
5.sale deed and certificate from competent authority, certifying rural agricultural land
6. yes.. penalty under section 271D.. you have to pay entire cash transactions as penalty

@ rama Krishnan section 269st attract in this case...if consideration recd exceed 2lakh then penalty attract u/s 271da

@ prasad sir, immovable property transaction is covered under 269ss and not under 269st

Got it it's my side mistake 👍

rama krishnan sir,

Thank you for shedding light on my questions.

Can you please direct me for not to pay any penalty(any other possible ways).

 

@ raj66 keep handy all details pertinent to prove that the land sold was rural agricultural land so as to preclude rigors of capital gains tax. with respect to receipt of sale consideration, you don't have any other options except to receive the same through banking channels.

1. Yes, your mother can accept the cash amount if the buyer prefers to pay in cash. However, it's advisable to ensure proper documentation and legal compliance for the transaction.
2. Your mother can deposit the cash into her bank account. It's important to keep records of the transaction for tax purposes.
3. As a housewife selling agricultural land, your mother may be subject to income tax regulations. It's recommended to consult a tax professional or accountant to determine the tax liability based on her specific situation.
4. Capital gains tax may apply depending on the duration of ownership and the profit earned from the sale. Consulting a tax professional will help determine the applicable capital gains tax.
5. Proof of income, such as sale agreement, bank statements, and receipts, may be required to demonstrate the source and nature of the funds for income tax purposes.
6. Taking all-cash transactions may attract penalties if there is non-compliance with tax regulations. It's essential to adhere to tax laws and report the transaction properly to avoid penalties.

Agricultural land in rural area are not treated as capital asset so there is no capital gain , no tax , and you can take all consideration in cash . Thankyou 

Different answers by different individualSime say cash above rs 20000 is illegal,Others say it is legal to take all money if land is rural agricultural land What is the exact position Sir