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Penalties

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(Querist)
09 January 2017 . WHETHER ANY PENALTY IS LEVIABLE UNDER INCOME TAX ACT IF PURCHASE AMOUNT OF MORE THAN RS.20,000 IS PAID BY WAY OF CASH WHILE PURCHASING IMMOVABLE PROPERTY.
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CA Suresh Jain

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CA Suresh Jain (Expert)
09 January 2017 Yes, penalty is leviable equal to the amount paid u/s 271D
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
09 January 2017 Penalty is leviable only on seller who receives more than Rs. 20000/- in cash being in violation of section 269SS.
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CA Suresh Jain

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CA Suresh Jain (Expert)
09 January 2017 Yes, Mr. Abhishek is right. Thanks for adding a clarification

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