Sale consideration in cash at the time of sale of land

manju nath (3 Points)

06 May 2021

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

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6 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 06 May 2021

Upto 200000 rupees you can take in cash

CMA Poornima Madhava (CMA) (13097 Points)
Replied 06 May 2021

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

Lotus Agrawal (Practice) (1356 Points)
Replied 07 May 2021

Less than 20000/- under section 269SS

veerendar singh (tax consultant) (3301 Points)
Replied 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) (13097 Points)
Replied 08 May 2021

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

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 09 May 2021

Agreed

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