can Rs. 20,000 or more be received against sale of agricultural land?
please advice.
2 Replies
Kapadia Pravin
(17264 Points)
Replied 18 February 2020
Under section 269SS, there is restriction for cash upto 20000/- only and not beyond.
However it is provided further that the provisions of 269SS section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
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specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
However it is provided further that the provisions of 269SS section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
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specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
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