Land sale money
V S R SRIKANTH
(Querist) 05 February 2012
This query is : Resolved
Dear Friends,
I would like to know that, I am selling my Land for 15lakhs..wch i am receivng in cash..How can I manage to keep the amount in my savings account. Do i need clarify my bank about the source of money wch i have recieved. Please suggest me any means by wch I can keep the amount in my account.
Srikanth
A V Vishal
(Expert) 06 February 2012
Pay taxes and keep the money, however, your query is incomplete, you intend asking something but unable to do so so let your query be clear...
V R SHROFF
(Expert) 06 February 2012
As you received it by sale of Land and must have Registered it.
So you can deposit it in Bank.
You can consult Tax Experts , who will advise to re-invest in property within limited period to save I tax on it.
Sankaranarayanan
(Expert) 06 February 2012
Well hw the buyer agreed to give full cash. More over u said u deposit this amount in bank. It means u ready to show it as white money then either u pay the tax under capital gain or invest in govt infrstrectural bond. Or re invest in property for the cgain amount ' these r three way on ur court . You decide wht one is suit to you
malipeddi jaggarao
(Expert) 09 February 2012
agriculture land in rural area is not covered in definition of Capital asset hence no capital gain is applicable in case of sale of agriculture land in rural area .However capital gain tax is applicable if land is situated in urban area. You have to reinvest the money for purchase of property. You can keep the money in capital gains tax free deposit for a certain period for reinvesting the same.
for more details on the subject please follow the link:
http://www.simpletaxindia.net/2009/02/capital-gain-exemption-on-sale-of.html
