02 July 2022
Mr. A sold a piece of land to Mr.B for Rs.3,50,000 on 17.06.2022 and entire payment was made in cash. Please advise whether Mr. B would be liable for contravention of s.269T of the Income Tax Act, 1961 and liable for penalty u/s 271E ? Whether Mr. A would be liable for contravention of s. 269SS and 269T both
02 July 2022
According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. 269ST violation is also there.
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