Hello,
I wanted to ask, if someone receives an amount in cash in excess of ₹20000 as a sale consideration of an immovable property and deposits the same amount the same day in a bank account, will this attract penalty as the amount is directly traceable in the bank account ?
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Sec 269SS Immovable Property
Replies (4)
Quick Summary
Yes it'll attract 271D penalty subject to exceptions
No only advance is liable for penalty as this is the consideration no penalty can be levied under section 271d
PLS read the explanation given for specified sum in section 269ss. it says any sum received in respect of transfer of immovable property, as advance or otherwise. it includes sale consideration also. you can explore plethora of case laws in respect of the same
Yes it attracts 271D penalty
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