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Purchase of Land


Student CA IPC / IPCC

Dear Sir,
I m going to purchase a land which is on Bond, the seller is asking me cash of Rs 10 lakhs, is there any problem if I pay cash? please suggest me
 
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there will be problem in income tax
 
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Accountant

Yes, you can't pay above 20000 for purchase of immovable property
 
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As per Section 269SS you can't pay more than 20000 in cash
if you pay in cash penalty will be equal to Amount(271D)
 
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