How much cash we can take and pay while selling and purchasing the Immovable property.

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Q1Whats is Section 269SS ??
A person cannot accept loan or deposit or any other specified sum (specified sum here refers to an advance or otherwise, in relation to the transfer of any immovable property) from another person otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account

Q2Penalty Not applicable in this case. (Banking Govt also exempts)

1. A person earning only agriculture income accepts loan or deposit from another person also earning only agriculture income

2. Receiving cash from relative during emergencies. Here intention should not be to evade the taxes.

3. Partners contributing cash capital into partnership firm

Q3 What is Section 271D of the Income Tax Act??
Ans: Lays down the penalty to be imposed on a taxpayer for accepting or taking any loans, deposits or other specified amounts in contravention of Section 269SS. Under Section 269SS, all loans or deposits of over Rs.20,000 must be taken through banking channels. In this article, we look at the provisions of Section 271D of the Income Tax Act in detail.