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WHOLLY CASH TRANSACTION
My friend bought a land of Rs 20,00,000/-, where the payment has done through cash.. Now is he taxable for that transaction?? Or Seller is taxable??? kindly reply..
Replies (2)
Section 271DA of the income tax act provides for the leavy of penalty on a person who receive a sum in contravention of the provisions of section 269ST ( more than 2 lacs in cash ) , The penalty shall be equal to the amount of such receipt , however the penalty shall not be levied if the person proves that there were good and sufficient reasons for such contravention . In your case seller who receive money more than 2 lacs in cash is taxable .
Yes, agreed with Mr. Prasad reply
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