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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Purchase of Land
Replies (3)
there will be problem in income tax
Yes, you can't pay above 20000 for purchase of immovable property
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)
if you pay in cash penalty will be equal to Amount(271D)
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