Can we purchase Immovable Property and four wheeler in cash ??? What is the maximum limit of Cash purchase???
Please Suggest ....
Thank you in Advance
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193931 Points)
Replied 23 November 2016
No.
Section 269SS:: From 1st June, 2015, according to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer.
For Motor Vehicle purchased in cash: as per sub- section (1 F) of section 206C of the Act seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax(TCS) from the buyer.
Shaurabh Sahu
(FINAL STUDENT)
(46 Points)
Replied 26 November 2016
What penalty will levied on Buyer of Immovable property??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193931 Points)
Replied 26 November 2016
Based on scrutiny of department for the source of cash payment above 20K, penalty can be sourced.
gekco
(B.Com)
(170 Points)
Replied 26 November 2016
Hello Sir, Does this rule apply also on Sell/purchase done before 1 June 2015 ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193931 Points)
Replied 26 November 2016
Section 269SS was amended vide Finance act 2015, and the amendment over sell of property is effective from 01.06.2015.
So, this section was not applicable before that period, over sell of property.
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