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200000 limit on cash transactions

This query is : Resolved 
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(Querist)
22 April 2017 If a sale is made worth rs. 229000 and the purchaser has paid rs. 150000/- through bank and rs. 79000/- through cash.. will there be any penalty?
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CA Shubhanshu Jain

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CA Shubhanshu Jain (Expert)
22 April 2017 No there will be no penalty. Penalty will be levied only if more than 200000 is received in cash
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