Cash limit to purchase property
Tarun (Asst.) (73 Points)
04 October 2019
Dear Sir, what is the limit of cash payment for purchase of immovable property
3 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 04 October 2019
Rs. 20,000
u/s 269SS of the IT Act, "specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
Kapadia Pravin
(17264 Points)
Replied 05 October 2019
@ Tarun
Section 269ST in the Income Tax Act bans such transactions in cash amounting to Rs 2 lakh or more on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual
One more section 269SS sets the cash limit of upto 20000/- only
To be on safer side use cheque /digital payments in so far as purchase of immoveable Property is concerned.
Section 269ST in the Income Tax Act bans such transactions in cash amounting to Rs 2 lakh or more on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual
One more section 269SS sets the cash limit of upto 20000/- only
To be on safer side use cheque /digital payments in so far as purchase of immoveable Property is concerned.
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