dear sir,
I am selling my agriculture land in cash? can it possible or not?
8 Replies
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 05 January 2018
Yes, You can sale your land for Cash.
sumit holani
(gupta ashok and co.)
(22 Points)
Replied 05 January 2018
Please sir,
Can you mention section also to??
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 05 January 2018
As such, there is no specific Section that can put bar on cash sale of land.
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 05 January 2018
But, it would be better to take payment through banking channel. Buyer can pay out of his black money. Even though you have no problem.
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 05 January 2018
I remember that there is a section which can put restriction on cash sale of land and that is Section 269SS.
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 05 January 2018
By referring Section 269SS of the Act, I suggest you that you must not accept cash for sale of immovable property in your case land.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 05 January 2018
it's not 269SS, it's 269ST WHICH RESTRICTS RECEIPTS BY WAY OF CASH EXCEEDING 2 LAKHS. SO IF YOU RECEIVE CASH EXCEEDING 2 LAKHS, SO MUCH OF THAT AMOUNT TO BE PAID AS PENALTY UNDER SECTION 271DA
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