How much cash can give for purchasing Land ?
Imran Tamboli (8 Points)
04 October 2017
Some one plz give me answer that how much Cash & Cheque use in Purchasing Land above Rs. 10 Lac ?
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 04 October 2017
Section 269SS
Amendment:
Section amended by adding the sums received for transfer of immovable property (advance/ otherwise) whether or not ultimately the contemplated transfer takes place. Therefore, the seller of the immovable property will be liable to pay penalty on the amount accepted or taken in cash and not the buyer.
Implications:
On Contraventions penalty U/s 271D is attracted which is 100% of the amount received.
The amendments u/s 269SS & 269T has come into force from 1st of June, 2015.
So, the SELLER cannot accept more than Rs. 20,000/- for sell of any immovable property, including land.
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