10 July 2023
No real estate transaction is to take place if the cash amount exceeds Rs 20,000. As per Section 269SS of the Income Tax Act, the seller will be held guilty of taking payment of over Rs 20,000 in cash and must be prepared to pay a 100% penalty fee for it.
Section 269ST of the Income Tax Act. In the budget for 2017, Section 269ST was introduced in the Income Tax Act. Under this section, no person can receive a payment above ₹2 Lakhs in a single day. The main aim of this section is to curb black money laundering transactions.
10 July 2023
Section 269T - Mode of Repayment of Certain Loans or Deposits and Specified Advance Received ----
No branch of a banking company or a co-operative bank, and
No other company or co-operative society, and
No firm or other person,
shall repay any loan or deposit made with it or any specified advance received by it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance or use of electronic clearing system through a bank account if—
the amount of the loan or deposit or specified advance together with interest, if any, payable thereon is Rs. 20,000 or more, or
the aggregate amount of the loan or deposits held by such person with the branch of the banking company or co-operative bank or, as the case may be, the other company or cooperative society or the firm or other person, either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such loan or deposits is Rs. 20,000 or more, or
the aggregate amount of the specified advances received by such person either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such specified advances is Rs. 20,000 or more.
"specified advance" means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place. ...
If a person repays any loan or deposit or specified advance in contravention of section 269T, he shall be liable to pay, by way of penalty under section 271E, a sum equal to the amount of the loan or deposit or specified advance so repaid unless he can prove that there was reasonable cause for doing so.
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