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.
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.
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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