Regarding amendment in sec 269ss and 269t
This query is : Resolved
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.
18 May 2015
In my opinion section 269ss does not apply on purchase of property hence should not apply on you.
18 May 2015
Before 1 June so need not worry.
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