Amendment in section 269 ss and 269t

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 Section 269SS and 269T is now applicable to Immovable property also..

1) whether it applies for advance > 20000 taken for immovable property transfer ??

2) can we take sale consideration in cash exceeding 20000??

3) can we pay sale consideration > 20000 in cash??

4) if brokerage commission given is 30000 rupees. then is it mandatory to pay in account payee cheque?? if paid in cash is it Disallowed???

please guide..

thank u sir..

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 excuse me sir..

can u please respond to my queries??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 May 2015 advance will be included in this amendment...

under this amendment you cannot receive any amount in relation to any transfer of any immovable property.

however, brokerage wont be covered under this

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 Any amount means can't we accept the sale consideration in cash??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 May 2015 yes. that is the meaning of it.....

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 thank u sir..

sir if brokerage is paid in cash as per section 40 it will be disallowed???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 May 2015 not if you are a business man...for non-business assessees, it wont make any difference.

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 Thank u for answers sir..

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