I have planned to buy Agricultural land from seller and Registry or consideration amount will be 10,00,000.
so i want to give 6 lakhs by Demand Draft and 4 lakhs by cash. is cash trasaction shown over 2 lakh possible at time of registry ?
How can i show cash amount over 2 lakhs in this deal ? can i show two transactions of Rs 2 lakhs each in single month or should i show in different months ?
In either case you cannot pay R.s. 2 lakhs or more by lump sum or in installment as the whole deal is single event.
Sir,
https://www.caclubindia.com/experts/can-a-person-purchase-agriculture-land-by-making-payment-in-cash-up-to-2-lakhs-2884829.asp
But in this post reply, 2 lakh is permissible
The words in the section means anything lesser than 2 lakhs can be taken... which also means upto 2 lakhs, but not exactly 2 lakhs.
Refer the section....
""Mode of undertaking transactions.
269ST. No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed.
Provided that the provisions of this section shall not apply to— .......
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