Answers On Topic: Sale of Agricultural land
The assessee sold a rural agriculture land in PY 2019-20 and the same was not shown in original ITR and now reassessment is going on. The assessee had receieved Rs. 37.5 lacs in cash and remaining payment through cheque. The assessee had given statement on oath u/s 131A that he had received cash of Rs. 37.5 lacs also the agreement of cash sale was available with department. Whether penalty under section 269SS will be levied on sale of such rural agricultural land ? Secondly, whether ITR can be filed in response to 148 notice beyond 90 days and can we…
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An assesse bought a rural agricultural land and sold it immediately. Will it attract any tax Or it is exempt for capital gain purposes.
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Is transfer of rights (leasehold rights ) in agricultual land,- not being transfer of agricultural land as such, - chargable to income-tax or to GST ?
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We have converted the rural agricultural land into non agricultural land in 2020 for the purpose of sale. I have received cash advance 300000 from the purchaser of land in the year of 2018( before convertion of agriculture land into NA land). Whether section 269ss or any other sections for penalty is applicable for cash advance of 300000. I'm in opinion that, advance cash received before conversion will be treated as advance against agricultural land which is not a capital asset. If I would have received advance cash after conversion of land, section 269ss or other sections for penalty will…
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sir, just before the sale of the land used for the agricultural activity has been converted as non-agricultural land and the proceeds have been received by one single person on behalf of the number of members in the family which he again returned to the members of the family to facilitate the easy transaction. Whether this can be treated as agricultural income in the hands of individual members? or it has to be treated as capital gains, if so long or short. In case if the investment is made to claim the exemption, can it be allowed? The members became…
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whether cash received on sale of rural agricultural land attract provisions of sec. 269SS? as it is neither loan nor deposit nor any advance as mentioned in specified sum.. I think correct application would have been of Sec. 269ST, however assessee got notice u/s 269SS. Couldnt find any proper judgment on this aspect. If anyone here can throw some light, it would be great!
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Sale of Rural agriculture land