Limit of cash received agnst property sold

In order to curb generation of black money by way of dealings in cash in immovable property transactions section 269SS of the Income-tax Act is amended with effect from 01.06.2015  to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.