Kollipara Sundaraiah (B.com) (2963 Points)
21 December 2021It assessee purchases of agrilculture land value rs:456135/- payment through on cash mode in f.y. 2014-15.
Question:
Agrilculture land purchases cash mode allowed and penality applicable in it act.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171248 Points)
Replied 21 December 2021
As per sec. 269ST of IT act, seller cannot accept Rs. 2 lakhs or more by cash for sale of land. There may not be any liability over purchaser, but query raised for such a big amount of cash in hand.
sabyasachi mukherjee
(27310 Points)
Replied 23 December 2021
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