Purchasing of immovable property in cash as per section 269s
This query is : Resolved
03 September 2016
As per the provisions of section 269SS, a person cannot receive an amount of more than 20,000/- in cash for sale of immovable property. If he receives the amount in cash, than he shall be liable for penalty u/s. 271D. Know as per my view the provisions are applicable to person who receives the cash that is the seller of property but not to the purchaser. I have purchased immovable property for cash of Rs. 1,50,000/- . Does I have contravened any of the provisions as contained in section 269SS and 269T and if yes, kindly tell me how
11 September 2016
NO. YOU DID NOT CONTRAVENE
22 November 2016
Dear basu sahab, please reconsider, section 269ss for taking loan that to taking loan and advance for over Rs 20000 in cash and not for property sales.
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