Section 269ST prohibits any person to receive an amount of Rs.2 lakh and above in cash:
(i) In aggregate from a person in a day, or (ii) In a single transaction, or (iii) In respect of transactions relating to one event or occasion from a person .
The transaction amount crosses 2 lakhs hence it would be attracted even if they are two different transactions.
As per 269ST, No person shall receive an amount of two lakh rupees or more in cash— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person.
Single transaction means single Contract if you sale 2 Car (jointly) each of Rs. 1,50,000 to one person, means total 3,00,000- can't do this in Cash, as it's Single transaction exceed 2,00,000
Thank u madam but one more doubt l sold 3 cars to a person in a day and received cash below 2 lakhs in 3 different days whether it is a single transaction?
To avoid 269ST to be attracted, each sale will be one single separate transaction. So there will be three bills and amount received in a single day should not exceed Rs. 2,00,000/-.
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