1) section 269SS of the Income-Tax Act is being amended to provide that no cash transactions in the purchase of immoveable property is allowed. In case anybody violates this provision then penalties as provided in sections 271D and 271E will be attracted.
The amendment to section 269SS provides that no person shall accept any advance or repayment of an advance in cash exceeding Rs.20,000/-. So the onus on complying with this provision is on the person accepting the cash which is usually the builder or developer or seller of the flat in the case of immovable property.
This is a welcome move to curb black money in the real estate sector and one hopes that persons duly comply with the new rules.
The amendment to section 269SS provides that no person shall accept any advance or repayment of an advance in cash exceeding Rs.20,000/-. So the onus on complying with this provision is on the person accepting the cash which is usually the builder or developer or seller of the flat in the case of immovable property.
This is a welcome move to curb black money in the real estate sector and one hopes that persons duly comply with the new rules.
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