dear 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?
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.
M N Rao & Associates LLP
Vijayawada
CA Inter
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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