it assessee purchase of agriculture land value rs:30 lacs payment through on cash mode.
question:
assessess payment amount cash mode accepted in it act.
2 Replies
rama krishnan
(12244 Points)
Replied 01 July 2022
There's no restrictions for purchaser to make payments in cash except to prove the source for the same. the seller shouldn't receive sale consideration in cash in excess of 20000 else the seller would be liable to penalty under section 271D in violation to provisions of section 269ss
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 01 July 2022
You can made payment in cash , there is no restriction. But asked to seller as he can't accept
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