im planning to sell my house and from the proceeds of this house buy a new one. Now the buyer to this house is only paying in cash for post registery amount. How can i avoid penalty under 269ss?
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Planning to sell my house, buyer only giving cash for post registery amount.
Replies (5)
I think there is no way to avoid penalty u/s 269SS if you take or accept specified sum in cash. Law is very strict and straight in these cases.
This is a very unfortunate scenario, the seller is doing legitimate business but the buyer is probably using his unaccounted black money to buy the property, therefore he refuses to perform a bank transaction since it would put the spotlight on this black money.
The government should take action to curb the real estate black market somehow...
Hi! I just wanted to know how it went, as you never updated.
I'm also curious. Have you managed to do this? I know it's essential to ensure that any financial transaction is done legally to avoid penalties. In this case, accepting a cash payment for the post-registry amount is not advisable. The penalty under 269SS is imposed for taking cash above Rs. 20,000 from a single person in a single day. It's best to use a proper payment method such as bank transfer, cheque, or demand draft to avoid legal issues.
| Originally posted by : Tariq | ||
 |
I'm also curious. Have you managed to do this? I know it's essential to ensure that any financial transaction is done legally to avoid penalties. In this case, accepting a cash payment for the post-registry amount is not advisable. The penalty under 269SS is imposed for taking cash above Rs. 20,000 from a single person in a single day. It's best to use a proper payment method such as bank transfer, cheque, or demand draft to avoid legal issues. I'm not sure, but I think you can pay in the way you wanted at some organizations like cashhousebuyersusa.com . Though it is better to check it |  |
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