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Purchase of immovable property in cash

This query is : Resolved 

Dear Sir,

one of our client has purchased the property in cash of Rs 6.90 Lacs in F/y 2014-15. Is there any restriction on purchase in F/y 204-15 property in cash. If there is penalty in which section.

Before 1st June 2015 there was no such provision restricting purchase of immovable property against cash. Section 269T was amended w.e.f. 01.06.2015.

Bajaj Finserv

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