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Penalty U/S 269ST

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deepak

accountant

21 Points Posted on 28 October 2019

GOLD JEWELLERY PURCHASE BILL ABOVE 2 LAKHS AGAINST OLD JEWELLERY IT IS LIABLE FOR PENALTY U/S 269ST AS PER PER THE LATEST AMENDMENT IN SECTION 269 ST.

EXAMPLE -

THE JEWELERY SHOP OWNER SALE JEWELLERY TO HIS CUSTOMER "MR. X" OF RS.250000/- BUT "MR.X" GIVING THE OLD JEWELLERY OF A VALUE OF RS.200000/- AND RS.50000/- IN CASH. THE SAID SALES TRANSACTION IS APPLICABLE FOR PENALY U/S 269 ST ????

Replies (3)

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 28 October 2019

No... Sec 269st not applicable in this transaction.

MOHIT JOSHI

173 Points Posted on 29 October 2019

No penalty under section 271d, no sec. 269t applicable

Kapadia Pravin

10683 Points Posted on 29 October 2019

269ST. No person shall receive an amount of two lakh rupees or more— in cash

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person,

The 269ST applies to receiver and payer does not have to worry.

In your case Jeweller shop will take safety protections. And since cash transaction is only for 50000/- , 269ST is not applicable to Jeweller receiver.