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Penalty levied u/s 269SS or not.
If a person made payment of 3 lakh in cash for puchase of a land and land belongs to two joint owners. Does it amounts to contravention of section 269SS of income tax act.
Replies (3)
If this land is not agriculture land then there is obligation of 269ss
Actually it is 269ST and not 269SS
Section 269ST in the Income Tax Act bans such transactions in cash amounting to Rs 2 lakh or more on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual
In your case two joint holders contribute 1.50 lakh each so I think there is no contravention of 269ST and therefore no penalty.
Section 269ST in the Income Tax Act bans such transactions in cash amounting to Rs 2 lakh or more on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual
In your case two joint holders contribute 1.50 lakh each so I think there is no contravention of 269ST and therefore no penalty.
1. Sec 269ST puts restriction only with respect to cash transaction in excess of Rs. 2 lakhs per day to a single person for a single transaction.
2. In your case, if you are making payment to joint owners where payment is less than Rs. 2 lakhs per person then sec 269ST will not be applicable.
3. In such a case, the penalty will not be applicable u/s 269ST.
Please correct me if the above solution has an alternative view.
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