Cash transaction limit to allow in Agricultural land buy at a time of Registry

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 ?

Replies (3)
Quick Summary
This discussion explores the legality of using cash for agricultural land purchases, specifically concerning the £2 lakh limit per transaction. The consensus suggests that a single transaction exceeding £2 lakhs cannot be paid in cash, even if split into smaller amounts or paid over different months. The law, as referenced, prohibits receiving £2 lakhs or more in cash for a single transaction or event, requiring payments via cheque, demand draft, or electronic means.

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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