Sale of agriculture land in cash
This query is : Resolved
24 September 2020
Dear Sir
My father has sale his agriculture land in 2018 located in Satna district a rular area land.The buyer has paid 23 lakh through cheque and 53 lakh rupees in cash so for purchase a house my father has cash deposited 17 lakh rs in my mother bank account and 20 lakh himself account during the year of 2018 and 2019 and later he transferred amount for flat purchasing in greater Noida
Now from March 2020 he is constantly received a message from AD-CMCPI that you have deposited 37 lakh rs in cash pls file your return 2018-2019
Sale deed shows the whole amout
What should he do now he is very tensed
My father has sale his agriculture land in 2018 located in Satna district a rular area land.The buyer has paid 23 lakh through cheque and 53 lakh rupees in cash so for purchase a house my father has cash deposited 17 lakh rs in my mother bank account and 20 lakh himself account during the year of 2018 and 2019 and later he transferred amount for flat purchasing in greater Noida
Now from March 2020 he is constantly received a message from AD-CMCPI that you have deposited 37 lakh rs in cash pls file your return 2018-2019
Sale deed shows the whole amout
What should he do now he is very tensed
25 September 2020
From 1 June 2015, transactions in immovable properties for cash in excess of Rs 20,000 were also barred. It is significant to note that agricultural land is as much hit as any other immovable property but the proviso to Section 269SS makes a volte face by saying if both the purchaser and seller are having only agricultural income and no other income taxable under the IT law they would be spared from the compliance of the whole Section.
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26 September 2020
SIR AB KYA STEP LENA HAI KYA PROCESS HOGA
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