Cash sales of residential house
This query is : Resolved
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
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
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
(Expert)
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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