IS THERE ANY LIMIT OF CASH TRANSACTION BEFORE SECTION 269ST??
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194868 Points)
Replied 05 April 2017
Section 269SS, 269T Sec. 206C
Sec. 269SS:: cash loan or deposit from same person of Rs.20000/- or more is not allowable for the purpose of Section 269SS. Also, seller of the immovable property will be liable to pay penalty on the amount accepted or taken in cash.
Sec. 269T:: Loan or deposit shall not be repaid, otherwise than by an Account payee cheque or bank draft or online transfer, if the amount of loan or deposit is Rs. 20,000 or more. No repayment of any advance received in relation to a transfer of immovable property would be made except by the said prescribed banking channels if aggregate is Rs. 20000/- or more.
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