Our friend wants to sell a property at his village.He would like to get some amount as cash advance in March 2015 and balance in DD in April. Registration is in April.As per ammendment by finance act 2015 only Rs 20000 can be taken as cash advance and balance in cheque. From when this provision is applicable.Some say it is applicable from june 2015 after the finance bill is enacted as law. Will it be enacted retrospectively.Is it applicable from 1-4-2015.
Also before April 2015 what is the cash consideration that could be taken in a transaction.Please clarify.
CAclubindia
