for urgent consideration

This query is : Resolved

romil jain (Querist)
Follow

08 February 2008 1) Is agricultural land of value
Rs.2000000 is chargable to wealth tax?
2) Is advance against purchase of farm
Land is chargable to wealth tax?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

08 February 2008 1)Agricultural lands are not chargeable assets u/s 2(ea)of Wealth Tax Act.
2)Cash in hand in hand in excess of Rs 50000 are chargeable

bodla upender

bodla upender (Expert)
Follow

09 February 2008 Here we have to deeply go into the subject that your query of Advance payment for purchase of farm land - the payment should be eighther a/c payee cheque or demand draft from your source of funds. After purchase if any non agricultural activities carried on then it will attract Income Tax certainly
by
Bodla Upendra
Financial & Tax Consultant
cell: 09948014997

Upgrade to CAclubindia Pro. Subscribe Now!