Whether the cash received against the sale of house property in october 2016 can be deposited and mentioned in the return to be filed. cash is a difference and in addition to the payment recd by way of cheque for which sale is registered.
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Cash received on sale of house property
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Seller of an immovable property not allowed to take any cash above Rs. 20000/-
According to section 269SS of Income Tax Act, while selling Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer.
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