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manju nath   06 May 2021

Sale consideration in cash at the time of sale of land

How much can I take the sale consideration in cash at the time of sale of land.


 6 Replies

Sourav

Sourav (Student)     06 May 2021

Upto 200000 rupees you can take in cash
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     06 May 2021

You may accept <20,000 in cash in case of sale of land as per section 269SS of IT Act.

Lotus Choudhary

Lotus Choudhary   07 May 2021

Less than 20000/- under section 269SS
veerendar singh

veerendar singh (tax consultant)     08 May 2021

When he is taking cash at the time of transfer of property how can 269SS come into picture?
i think only 269st would be in play in this scenario
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     08 May 2021

Because 269SS specifically disallows receiving cash >=20,000 related to sale of immovable property.
Sourav

Sourav (Student)     09 May 2021

Agreed

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