Consideration for transfer of immovable property -mode

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2015 Our friend wants to sell a property at his village.He would like to get some amount as cash advance in March 2015 and balance in DD in April. Registration is in April.As per ammendment by finance act 2015 only Rs 20000 can be taken as cash advance and balance in cheque. From when this provision is applicable.Some say it is applicable from june 2015 after the finance bill is enacted as law. Will it be enacted retrospectively.Is it applicable from 1-4-2015. Also before April 2015 what is the cash consideration that could be taken in a transaction.Please clarify.

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CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 March 2015 It is applicable from 1-6-15 after the finance bill received President's assent.
Meaning thereby that from June 2015 onwards no advance of Rs. 20000/- or more can be taken in cash. As your friend want to take cash advance in March 2015 he can do so as the new provision will be applicable only from June 2015 after it received President's assent. There is no retrospective effect.