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How to avoid income tax on cash payment received property transaction?
02-Jan-2023 (In Tax Law)
Dear sir, I have sold a land in which i received 50% as cash payment, out of this, i have deposited 22 lakhs in my account, my wifes and dautherrs account as cash. How to explain this cash deposits to avoid income tax or penalties.What are the penalties for this if IT dept not accept my explanation. I am having agricultural land of 4 acres, trading account etc. your kind advise will be highly appreciated.
Please contact personally by phone. We need to know the property in whose name?? How much is the sale proceeds?? Date of sale?? Date of purchase or ancestral property?? In which deposit?? Whats your source of Income etc ...
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Adv. Pramod Kumar
Trivandrum | 25+ Answers
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