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Cash sales of residential house

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(Querist)
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
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RAJA P M

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RAJA P M (Expert)
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...
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Dhirajlal Rambhia

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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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