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Cash Received Sale of Land

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253 Points Posted on 26 June 2021
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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On 26 June 2021 at 09:04 Report
Replies (11)
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Chartered Accountant
24588 Points Posted on 26 June 2021
Deposit in partly in bank account
129 Reply
On 26 June 2021 at 09:20
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tax consultant
3306 Points Posted on 26 June 2021
269st is violated
9 Reply
On 26 June 2021 at 09:22
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403 Points Posted on 26 June 2021
Yes, 269st is violated in dis case
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On 26 June 2021 at 10:27
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GST Consultant
15986 Points Posted on 26 June 2021
Penalty applicable on cash amount u/s 269st
55 Reply
On 26 June 2021 at 10:30
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210 Points Posted on 26 June 2021
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...
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On 26 June 2021 at 11:32
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CMA
13117 Points Posted on 26 June 2021

Cash receipt results in violation of provisions of section 269SS as well as 269ST.

92 Reply
On 26 June 2021 at 13:03
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1392 Points Posted on 29 June 2021
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
2 Reply
On 29 June 2021 at 17:47
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3134 Points Posted on 01 July 2021

will there be any issue if money or cheque is deposited into children's accounts?

3 Reply
On 01 July 2021 at 11:19
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1392 Points Posted on 01 July 2021
Yes if ur claming exemption under sec 54
2 Reply
On 01 July 2021 at 11:21
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3134 Points Posted on 03 July 2021

what will be the repercussions ?

3 Reply
On 03 July 2021 at 12:17
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1392 Points Posted on 03 July 2021
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
2 Reply
On 03 July 2021 at 13:06


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