Hello everyone
My mother brought an agricultural land in 2009. She wants to sell her agricultural land in rural area.
1. Can my mother take all in cash amount because buyer want to pay in cash only.
2. Can my mother deposit all cash into her bank account?
3. She need to pay income tax for that?(she is house wife)
4. Whether she needs pay any capital gains tax?
5. what proof to be shown for income tax?
6. Any penalties will be levied for taking all cash transaction? If so how need to be paid?
Please help me.
CAclubindia
