Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Rajasthan HC allowed sec. 54B exemption to husband even if agriculture land was purchased in name of wife

Where assessee had purchased new agricultural land out of sale consideration of his agricultural land, assessee could not be denied deduction under section 54B merely because registered document of new land was executed in name of his wife

Refer:[2018] 89 334 (Rajasthan)

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