Land Sold for 39 Lakhs
Party received Cash of Rs. 20 Lakhs
Received through Cheque: Rs. 19 Lakhs
How to manage the Cash, can they deposit the cash in their Children's Account
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Cash Received Sale of Land
Replies (11)
Quick Summary
Deposit in partly in bank account
269st is violated
Yes, 269st is violated in dis case
Penalty applicable on cash amount u/s 269st
Deposite in bank account which was recived through cheque but section 269st is violated on above cash transcation amount 19 lakhs hence Penalty applicable on cash amount U/s 269st...
Cash receipt results in violation of provisions of section 269SS as well as 269ST.
Not to be in hurry its usual process only the stamp value or face value on which sale deed is executed money of only that amt is through bank channel rest is taken in cash to asvoid taxation so dont be in hurry if stamp value is equal to chaeq and cash amt u should ask the buyer to give whole amount theoguh bankning channel
will there be any issue if money or cheque is deposited into children's accounts?
Yes if ur claming exemption under sec 54
what will be the repercussions ?
The ao may disallow the exemption availed , penalty on tax evaded upto 200% , Income from unexplained source will be taxed Higley under @ 60% and interest underc234a and 234b as well as penalty of escapement and contravention of sec 269st for cash transaction
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