16 July 2015
As we are well aware, 269SS is applicable to transactions dealing in immovable properties wef 01-06-2015. My doubt is, the Sec deals with "taking or accepting". So, if transactions exceeding Rs 20000 takes place in cash, is buyer safe since buyer gives (not taking or accepting). Another doubt is does this section deals with only advance amount or even purchase (entire amount is paid at the time of Regn, no advance is paid before) is also covered.
17 July 2015
As far as 269SS is concerned, Buyer is safe. But when the deal is cancelled and money is paid back to the buyer he will be caught by section 269T if he accepts back in cash.
There is no difference between money paid in advance or at the time of registration. All will be treated at par only.
19 July 2015
Prov. 269T is applicable for repayment in cash of loan or advance. Buyer is receipient of advances paid. If buyer accepts cash on cancellation of agreement, how he will be in clutches? Purchaser if pays in cash he will be liable.
CAclubindia
