Land Sold for 39 Lakhs
Party received Cash of Rs. 20 Lakhs
Received through Cheque: Rs. 19 Lakhs
How to manage the Cash, can they deposit the cash in their Children's Account
11 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 26 June 2021
Deposit in partly in bank account
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 26 June 2021
Penalty applicable on cash amount u/s 269st
Prabhat Pandey
(210 Points)
Replied 26 June 2021
Deposite in bank account which was recived through cheque but section 269st is violated on above cash transcation amount 19 lakhs hence Penalty applicable on cash amount U/s 269st...
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 26 June 2021
Cash receipt results in violation of provisions of section 269SS as well as 269ST.
ajeet singh
(1392 Points)
Replied 29 June 2021
Not to be in hurry its usual process only the stamp value or face value on which sale deed is executed money of only that amt is through bank channel rest is taken in cash to asvoid taxation so dont be in hurry if stamp value is equal to chaeq and cash amt u should ask the buyer to give whole amount theoguh bankning channel
Prachi Bansal
(3129 Points)
Replied 01 July 2021
will there be any issue if money or cheque is deposited into children's accounts?
ajeet singh
(1392 Points)
Replied 03 July 2021
The ao may disallow the exemption availed , penalty on tax evaded upto 200% , Income from unexplained source will be taxed Higley under @ 60% and interest underc234a and 234b as well as penalty of escapement and contravention of sec 269st for cash transaction
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