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cash payment

10 March 2018

I had purchased a house 5 month ago rs. 3500000 and pay through cash. Is there any law to restrict the cash payment on purchase of asset?

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4 Replies

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 10 March 2018

you have made the contravention of section 269T as amended by Finance Act 2016..

Preety Acharya (85 Points)
Replied 10 March 2018

Is it applicable on immovable property purchase transaction?

tripti (ca article) (209 Points)
Replied 10 March 2018

PURCHASE OR SALE OF IMMOVABLE PROPERTY SHALL BE THROUGH ACCOUNT PAYEE CHEQUE OR ELECTRONIC FUNDS TRANSFER IF THE AMOUNT EXCEEDS RS. 20000

Preety Acharya (85 Points)
Replied 11 March 2018

"specified advance" means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place. I want to clear myself that sec 269T is not only for advance payment for immovable property but also for total payment regarding property.