one of my client purchased one site by availing gold loan of about 3500000/- by in his son's name and also his son availed gold loan as well as same as his father. the site will be registered by his son's name. my client also gst dealer and bank appraiser.
this kind of transaction is correct and might be a source of income for purchasing land.
gold loan must be through banking channel, total site value of consideration is about 80lakhs the selling by is in joint name filing 26qb in name of seller and co seller sould be deducted in percentage of share in property. what is due date for filing 26qb. regards thank you sir,
ANOTHER ONE QUERY I HAVE FORGOTTEN TO ASK, ONE OF MY CLIENT SOLD AGRICULTURAL LAND AND INVESTED IN ANOTHER AGRICULTURAL LAND REMAINING INVESTED IN DEVELOPING AGRICULTURAL LAND LIKE FENCING, EARTHWORK, LIKE, QUERY IS THE AMOUNT RECEIVED FROM SELLING AGRI LAND DID NOT DECLARED IN ITR SO IS THERE ANY PROBLEM. CAPITAL GAIN ON AGRICULTURAL LAND IS EXEMPT INCOME.
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