Regarding mode of payment without any IT Notice
This query is : Resolved
15 June 2023
If there is a farmer who does not file income tax, if he wants to buy an agricultural land, then in which mode should he give the money to the person in front of him so that he does not get any income tax notice??
15 June 2023
For purchase of any property payment through any Banking mode (like Cheque, DD, RTGS etc.) is mandatory.
In case the value of the land registered is more than 30 lakhs, he may still get a query.
In case the value of the land registered is more than 30 lakhs, he may still get a query.
15 June 2023
So what will do if he doesn’t want to get any query bcoz he is farmer nd he didn’t understand to IT Rules nd regulation
15 June 2023
There is no other provision to stop query from ITD if the value of the property is Rs. 30 lakhs or more. The query may or may not arise. Generally filing return of income is best source to hinder such queries.
Secondly, if the amount is paid by banking mode and if the capital he is investing is from legitimate source, he can easily reply to the query without any further investigations.
Secondly, if the amount is paid by banking mode and if the capital he is investing is from legitimate source, he can easily reply to the query without any further investigations.
18 June 2023
So can he pay some amount with cash and remaining with cheque?
18 June 2023
No. The transactions should be through banking channel only, otherwise penalty gets attracted.
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