Upgrade and Save: Get 10% OFF on CAclubindia Pro Subscription! Use Code: SAVE10 Subscribe Now!

Immovable property sold and cash recd deposited

S.Mohanraj (working as an accountant) (64 Points)

04 July 2018

Sir, I hav one query in Income -tax , regarding immovable property The assesse has sold property for Rs. 48 Lakh for which he received cash and the cash has been deposited in bank at same day . Now Assessee want to declare the sale proceeds in income tax returns for the Asst Year 2018-19. Is there any violation for receiving cash mode of the sale proceeds. If any one is there kindly guide me in this regard. Thanks & Regards

Reply
Follow
Share

18 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168976 Points)
Replied 04 July 2018

Violation of section 269ST for receiving cash more than 2 lakhs.

Violation of section 269SS for receiving advance on sell of property by cash, worth more than 20,000/-

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

Thank you for your comments sir , But the seller is uneducated and unaware of the legislative . He had no viable option at thatt time of receiving cash unless the contract for sale has been denied by the buyer. He look forward and received the cash and same has been deposited into his bank accout sir,

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

Here he has not done anything wrong except depositing the amount so received on even date. Here my humble request to your honour is , is there any waiver of interest is available to him sir, if any pls guide me

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

Upgrade to CAclubindia Pro. Subscribe Now!

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168976 Points)
Replied 04 July 2018

Was it during demonetization period?

What was circle rate? and agreement amount?

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

not sir, it is effected financial year 2017-2018

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

agreement amount is 48 lakh and the same has fully received.

Teena Singhal (CA) (84 Points)
Replied 04 July 2018

As the amount is deposited in bank on the same day, there is no violation of section 269ST

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168976 Points)
Replied 04 July 2018

If agriculturalist , he can plead for his innocence about the law as otherwise it would be exempt income. Everything depends upon the office/commissioner.

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

Can u please elaborate same in legal terms mam

S.Mohanraj (working as an accountant) (64 Points)
Replied 04 July 2018

Yes i agree with u sir as a agricultural point of view is correct but he is not an agricultural person, he's from labour based worker

rama krishnan (12234 Points)
Replied 04 July 2018

there's no such relief given in section 269st.. to preclude oneself from 269st

Saifullah Khalid (Autodidact/Curious ) (633 Points)
Replied 05 July 2018

Originally posted by : rama krishnan
	there's no such relief given in section 269st.. to preclude oneself from 269st

Yes tehnically true but there still prevails the system of " Natural Justice " , in a society like ours almost 99% of the general population is not even aware of basic laws ...so here in this case if the said person can prove the genuineness of the transaction along with his background / ignorance then I think he will not be denied justice ...

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!