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Purchasing immovable property
My client has received pension income of 70 lakhs in his bank account. Now he is purchasing two shops for 70 lakhs. Builder is asking for cash payment of 50 lakhs. Whether withdrawing cash of 50 lakhs from bank and giving it to builder will have any tax implications or not?
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Sir, as per section 269ST you can not enforce transaction of amount exceeding 200000INR in cash ...moreover you are liable for making TDS u/s 194IA at the rate of 1% because transaction value exceeds 50 lacs INR
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