House property sale proceeds received in cash . Seller is willing to pay Tax as applicable. Will there by any problem to the seller if the amount received by him is Black money from Buyer.Regards
Menu
House property purchased
Replies (2)
"House property sale proceeds received in cash!!!!!!!!!!!!"
Penalty on Real Estate Transactions undertaken in Cash exceeding Rs 20,000 – The Government imposed a penalty on all cash transactions exceeding Rs 20,000 to purchase or sell a property (real estate), as per amendments made in section 269SS, applicable from 1st June, 2015.
A Penalty of 100% can be levied on Cash Payment. A penalty will be applicable on Seller. An action can be taken against buyer also. Therefore, if the seller receives 15 lac as a cash payment, a penalty of equivalent amount i.e. 15 lac can be imposed on Seller.
How can full sale proceeds be in cash?
Contact a CA before taking any next step to avoid trouble from Income Tax.
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
