Can i give 2,10,000 cash to seller for sale agreement of residential property ? which section will be considered in my case: 269SS or 269ST ?
Note: I read somewhere that section 269SS will be applied for immovable property cash transactions (max 20,000) in case of agreement to sell/sale of consideration/any.
For a ₹2,10,000 cash payment as an advance for a residential property, both 269SS (since it is an advance > ₹20,000 for immovable property) and 269ST (since receipt ≥ ₹2,00,000 in one transaction) get attracted. The seller will face penalty equal to the amount received. Therefore, you should NOT pay ₹2.10 lakh in cash; use bank channels instead.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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