Cash sales of residential house

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sanjay rameshbhai solanki (Querist)
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25 April 2018 Respected sir,

I want to sale my house & purchaser wants to pay 500000/- in cash & remaining bal. in chq by bank.
please guide i can received 500000/- in cash or not?
Please guide any provision regarding this

RAJA P M

RAJA P M (Expert)
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25 April 2018 As per my view., No... Cash Receipts not exceeding Rs 2lakhs p.a. from One Person... Wait on further replies from our Experts...

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 September 2021 No. As per sec 269SS of IT act., seller cannot accept Rs. 20,000/- or more by cash, from buyer of the property. In case of violation, 100% of the loan or deposit or specified amount can be the quantum of penalty u/s. 271D of the act.

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