Effect of amendment in section 269 ss on sales consideration
This query is : Resolved
09 April 2017
Sir,
Please give expert opinion about the effects or applicabality due to amendment ( 2015) in section 269 SS of the I. Tax Act regarding sales consideration of immoveable property. However, it is crystal clear that it prohibts the acceptance of cash advance in property dealings . My question is whether it is applicable for the SALES CONSIDERATION passed at the time of final deal or execution of sale deed of immoveable property.
However , some of the professionals are in the opinion that it is also applicable upon the sales consideration due to the word "otherwise" subsituted alongwith advance in the amended section 269 SS, but in the budget speach of 2015, the F.M Mr Arun Jaitley clearly stated that he is proposing amendment in section 269 SS only to stop advances in cash in property dealings and he didn't mention regarding sales consideration.
What I understand that word " otherwise" was subsituted just for advance amount received in cash by any other name like Security Money, Earnest Money or Biana just for the proper implementation of section 269 SS , not for prohibition of Sales Consideration of immoveable assets recieved in cash at the time of transfer of property .
Expert opinion is required in this query and I think clarification from CBDT is also very much required .
Please give expert opinion about the effects or applicabality due to amendment ( 2015) in section 269 SS of the I. Tax Act regarding sales consideration of immoveable property. However, it is crystal clear that it prohibts the acceptance of cash advance in property dealings . My question is whether it is applicable for the SALES CONSIDERATION passed at the time of final deal or execution of sale deed of immoveable property.
However , some of the professionals are in the opinion that it is also applicable upon the sales consideration due to the word "otherwise" subsituted alongwith advance in the amended section 269 SS, but in the budget speach of 2015, the F.M Mr Arun Jaitley clearly stated that he is proposing amendment in section 269 SS only to stop advances in cash in property dealings and he didn't mention regarding sales consideration.
What I understand that word " otherwise" was subsituted just for advance amount received in cash by any other name like Security Money, Earnest Money or Biana just for the proper implementation of section 269 SS , not for prohibition of Sales Consideration of immoveable assets recieved in cash at the time of transfer of property .
Expert opinion is required in this query and I think clarification from CBDT is also very much required .
10 April 2017
The definition of the expression "specified sum" is wide enough to cover all payments received in respect of an immovable property in cash exceeding the specified limit whether as advance, earnest money, pin money by whatever name called. It also includes within its ambit sale consideration.
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