26 December 2019
Hello, I am planning to sell agricultural land (wet/fertile land under regular cultivation) situated in rural area purchased in FY 09-10. I want make this transaction very transparent and want to clear all taxes applicable. the problem is many sellers approched me but willing to make cash payments for real value and cheque or dd for market value. So amounts arrising from cash payment would be around 10 lakhs. How can i deposit this amount? Please kindly note that it is impossible to get all the sale amout through check or dd in a rural area. My questions: 1. I really want this transaction to be transparent. so how to make it clear to the dept. if any notice were issued regarding cash desposit? 2. Can i deposite entire 10 lacs into my account? 3. Please note the sale deed will be registered for MV of Rs. 1 Lakh which they said will be paid by DD or Check.
26 May 2020
You need to account for full value of land being sold and take entire amount in Bank Account via Cheque, NEFT, RTGS or any other digital mode.
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