Cash Receipt

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Abhay Gujarathi (Querist)
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06 October 2010 Dear all,

My client had sold Agriculture land at Rs.80 Lacs. out of the same, Rs. 40 lacs received by cash and the balance in cheque. Now my question is what kind tax consequences Possible for the cash receipt as it is agriculture land no Capi gain chargeable??? Further, Whether the said Cash Receipt is consider to be Black Money??? If yes how to convert it in to White ???

Thanks.......

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
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06 October 2010 Dear Abhay i will answer the first part only. If the agricultural land is a rural land than only the tax will not be attracted. So kindly check whether it is urban Ag. Land or Rural.

The amount mentioned in the Agreement of sale will be only be considered.

we should not encourage such Black white practices although the saddest part is that all these Blacks have now get a social sanctity because of these "NETAS".

Sorry! but keep on posting!