Regarding amendment in sec 269ss and 269t
This query is : Resolved
Ramesh Kumar Gupta
(Querist)
18 May 2015
Dear Sir,
Mr. A has purchased an immovable property on 15-Apr-2015 and made an advance payment of Rs.1500000/- in cash and registry of the said immovable property will be made after 1-June-2015.
Shall the said transaction covered U/S 269SS(amendment made in 2015)of Income Tax Act, 1961, and if covered then what consequences will arise due to payment in cash of Rs.1500000/-.
Mr. A has purchased an immovable property on 15-Apr-2015 and made an advance payment of Rs.1500000/- in cash and registry of the said immovable property will be made after 1-June-2015.
Shall the said transaction covered U/S 269SS(amendment made in 2015)of Income Tax Act, 1961, and if covered then what consequences will arise due to payment in cash of Rs.1500000/-.
18 May 2015
The provisions of section 269SS as amended will come into force from june 2015. In your case Mr A has paid amount in cash on 15.04.2015 and registry is to take place after june 2015. But since payment has been made before this new clause in my opinion there will be no violation of section 269SS.
CA Kanj Goel
(Expert)
18 May 2015
In my opinion section 269ss does not apply on purchase of property hence should not apply on you.
CA Kanj Goel
(Expert)
18 May 2015
Before 1 June so need not worry.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
