Dear Sir,
I m going to purchase a land which is on Bond, the seller is asking me cash of Rs 10 lakhs, is there any problem if I pay cash? please suggest me
3 Replies
Jatin
(Accountant)
(3479 Points)
Replied 17 May 2018
Yes, you can't pay above 20000 for purchase of immovable property
Srinivas Pyata
(543 Points)
Replied 17 May 2018
As per Section 269SS you can't pay more than 20000 in cash
if you pay in cash penalty will be equal to Amount(271D)
if you pay in cash penalty will be equal to Amount(271D)
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