ashish (asst account) (21 Points)
30 September 2024dear all,
i have agriculture land in my village situated at madhya pradesh. On paper land is in name of my mother, but my mother is dead. and at present in mp govt records land shows three names, me and my two other sisters. presently we want sell our land of total rs 1700000/-. so my question is, if the purchaser pay us cash and i deposit this amount in bank so what is tax liability for me?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 30 September 2024
As per Rule you cannot accept more than Rs. 10000 by cash for sale of any property including NA land.
So, ask buyer to pay by banking mode.
Tax liability will arise over all three, unless it is rural agricultural land.
Sajjan Tawde
(38 Points)
Replied 30 September 2024
CAclubindia
