House property sale proceeds received in cash . Seller is willing to pay Tax as applicable. Will there by any problem to the seller if the amount received by him is Black money from Buyer.Regards
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"House property sale proceeds received in cash!!!!!!!!!!!!"
Penalty on Real Estate Transactions undertaken in Cash exceeding Rs 20,000 – The Government imposed a penalty on all cash transactions exceeding Rs 20,000 to purchase or sell a property (real estate), as per amendments made in section 269SS, applicable from 1st June, 2015.
A Penalty of 100% can be levied on Cash Payment. A penalty will be applicable on Seller. An action can be taken against buyer also. Therefore, if the seller receives 15 lac as a cash payment, a penalty of equivalent amount i.e. 15 lac can be imposed on Seller.
How can full sale proceeds be in cash?
Contact a CA before taking any next step to avoid trouble from Income Tax.
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