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It act 269ss

shubham (Article) (26 Points)

22 February 2017

Whether cash accepted by Builder on account of construction service after 01.06.2015 will attract section 269SS ?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 23 February 2017

Yes.

In order to curb generation of black money by way of dealings in cash in immovable property transactions section 269SS of the Income-tax Act is amended with effect from 01.06.2015 to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.

shubham (Article) (26 Points)
Replied 23 February 2017

Sir,

I agree what you said above, but I want to ask wether 269SS will attract in the case "if builder is providing only construction service on the land owned byhis customer and advance received against construction service and not for the transfer of title of Immovable property."