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
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185120 Points)
Replied 19 November 2016
"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.
Mihir
(Wealth Manager)
(5293 Points)
Replied 19 November 2016
How can full sale proceeds be in cash?
Contact a CA before taking any next step to avoid trouble from Income Tax.
Recent Topics
- CHG1 on MCA PORTAL and CA certificate u/s. 281 of
- Https://www.facebook.com/elitegrowxlmaleenhancemen
- Carry forward losses from old regime to new regime
- GSTR -1A
- Surcharge on TDS on sale of property by NRI
- Material not movement
- GST 3B -Input tax credit
- Rules for assessing revised return.
- ESIC and EPF
- Gain u/s 54F
Related Threads
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
