Penalties
This query is : Resolved
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.
09 January 2017
Yes, penalty is leviable equal to the amount paid u/s 271D
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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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09 January 2017
Yes, Mr. Abhishek is right. Thanks for adding a clarification
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