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Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June,

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Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June,

According to section 269T of Income Tax Act, from 1st June, 2015 100% Penalty will be levied while repaying the amount received for Transfer of Immovable Property in cash for Rs. 20,000 or more. E.g. if any transaction of Immovable Property is cancelled then while repaying the amount received 100% penalty will be levied if the amount of Rs. 20,000 or more is paid in cash. Thus wherever property advance is repaid, in case the deal is cancelled it should be done in cheque only. Tax planning in survey will be affected in some cases. -




Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015



Please also read from here

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