Purcahse of land 5 lacs through cash

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2013 Dear Experts,

As a individual can i Purchase a land worth of 5 lacs through cash from another individual

What are the legal implications as per the income tax for above 5 lacs transactions through cash between individual to individual

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 November 2013 The seller's PAN is important. The Purchaser should be in a position of explaining the source of fund. The land should be purchased as a capital asset or say not forming part of stock in trade.

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2013 thanks you sir

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