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Penalty U/S 269ST

ITR 698 views 3 replies

deepak

accountant

22 Points Joined April 2010

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...!!!"

128147 Points Joined January 2015

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

MOHIT JOSHI

229 Points Joined June 2018

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

Kapadia Pravin

17264 Points Joined December 2018

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.