can an individual sell land of Rs.4L in cash?
if not what may be the complecacy?
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cash sale of land
Replies (2)
Section 269SS of the Income-tax Act is amended with effect from 01.06.2015 ..........
That no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.
Section 271D of the Income-tax Act ....... that if a person accepts any loan or deposit or specified sum referred to in section 269SS in contravention of the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified sum so accepted.
| Originally posted by : KAMAL KISHORE AGARWAL | ||
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can an individual sell land of Rs.4L in cash?if not what may be the complecacy? |  |
No, section 269ST as well as section 269SS will attract resulting in upto 100 % penalty of the amount recieved in cash .
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