Income Tax Department – If you have also bought land in cash, then this news is to alert you. Actually, the Income Tax Department can take action on the land bought in cash.
If you have bought a house or property by paying cash in the year 2011-12, then be careful because now the Income Tax Department can take action on it.
Transactions done during this period and after this period by making cash payment will not be valid and heavy fine can be imposed on those who do so.
If you sell the house and land after taking cash, you will have to pay 20 percent income tax along with a fine equal to the price.
The Income Tax Department is taking action like raids, surveys to meet the target of revenue collection. Apart from this, collecting information from other sources.
Maximum income tax amount can be deposited in this. Before the year 2016, land and houses were bought and sold in cash.
Searching information-
The Income Tax Department has started collecting information on properties purchased in 2011-12. Now the Income Tax Department is asking for the records of sale and purchase of land and houses from the Registry Department.
Here is the rule-
The Income Tax Department has made a rule to take payment on sale of land and house for more than twenty thousand rupees through cheque, bank draft, e-banking.
Penalty provision-
In case of violation of this, the Income Tax Department will recover a fine equal to the cost of land from the sellers and will also charge income tax of 20 percent of the cost of the land.
For example, if land and house have been sold for ten lakhs in cash, then a penalty of ten lakh rupees and income tax of two lakh rupees will be recovered.
May have to bear the brunt –
Such a person will not even get the benefit of income tax exemption. Seven years old purchase and sale can be investigated According to the rules of Income Tax, the Income Tax Department can investigate the property sold in the financial year 2011-12 till March 31.
Take these legal steps –
as well as fine and income tax can also be collected. Such people can get relief in appeal There is no provision to give any relief from the Income Tax Department if stuck in the matter of buying land in cash.
In such a case the person can appeal to the Income Tax Appellate Court. From there only you can get relief.
They have to say-
Chartered Accountant AK Aggarwal says that land and house cannot be bought by giving cash if the cost is more than twenty thousand rupees.
If caught, fine equal to the price and 20 percent income tax will also have to be paid. The Income Tax Department is examining the records of sale and purchase after the financial year 2011-12.
