cash of rs 20,000 in sale of land
Bring Change (48 Points)
22 November 2018
can i receive cash of 20,000 for sale of land upto 199,999 in different date from a purchaser
7 Replies
Nitin Vaishnaw
(Accountant)
(24 Points)
Replied 22 November 2018
After 1st June 2015 who don't accept cash Rs.20000 and more in mode of cash in year.otherwise same amount will be payable as penalty.
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 27 November 2018
Here Before 269ST, 269SS would be attracted which tell that if you received inter alia any specified sum (which belong to Immovable Property) as an advance that would be infringement of Section 269SS and which would attract penalty u/s 271D equal to 100%.
Hope Mr. Rama Krishnan agree with me.!
Hope Mr. Rama Krishnan agree with me.!
rama krishnan
(12244 Points)
Replied 27 November 2018
the advance amount received in respect of sale of property doesn't take the characters of loan or advance. here the advance received is part of sale consideration and it'll be adjusted towards the sale consideration at the time of registration
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 27 November 2018
@ Please read it brother;
No person shall take or accept from any other person, any loan or deposit or any SPECIFIED SUM, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if;
The amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum is twenty thousand rupees or more.
specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
So, in my opinion it is still the same as previous answer.
No person shall take or accept from any other person, any loan or deposit or any SPECIFIED SUM, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if;
The amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum is twenty thousand rupees or more.
specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
So, in my opinion it is still the same as previous answer.
rama krishnan
(12244 Points)
Replied 27 November 2018
rightly said nitesh bro... thanks for clarification..
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 27 November 2018
@ Rama Krishnan
It's always very Healthy Debate when we have Contradictory Opinion. So I really appreciate your stand always.
And You are always Amazing my brother. !
It's always very Healthy Debate when we have Contradictory Opinion. So I really appreciate your stand always.
And You are always Amazing my brother. !
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