PURCHASES OF AGRILCULTURE LAND CASH MODE

As per sec. 269ST of IT act, seller cannot accept Rs. 2 lakhs or more by cash for sale of land. There may not be any liability over purchaser, but query raised for such a big amount of cash in hand.

There are restrictions for any business expenditure -rs.10000.
rs.35000 in case of payments for plying , hiring or leasing goods .
Any payments made in contravention of the above will be disallowed expenditure.
B)payment or aggregate of payments to any person on a single day in respect of rs.10000.
restriction on acceptance of loans , deposits , of rs.20000 or more in cash.
restriction on repayment of loans and deposits.