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cash payment
I had purchased a house 5 month ago rs. 3500000 and pay through cash. Is there any law to restrict the cash payment on purchase of asset?
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you have made the contravention of section 269T as amended by Finance Act 2016..
Is it applicable on immovable property purchase transaction?
PURCHASE OR SALE OF IMMOVABLE PROPERTY SHALL BE THROUGH ACCOUNT PAYEE CHEQUE OR ELECTRONIC FUNDS TRANSFER IF THE AMOUNT EXCEEDS RS. 20000
"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. I want to clear myself that sec 269T is not only for advance payment for immovable property but also for total payment regarding property.
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