India
IT department to levy penalty on cash property transactions above Rs 20000
If you have given money above Rs 20000 in cash to buy the house, then get ready to pay a heavy penalty. The Income Tax Department will soon be preparing the list of people in Delhi area who have purchased property through cash transactions between June 1, 2015 and December 2018.
The Income Tax Department had sought information from all the 21 Deputy Registrar’s offices located in Delhi, who had bought the property in cash despite the rule. The department has now prepared the list of such people. They will be sent a notice and if found guilty then will have to pay the fine.
This rule was applicable
The Income Tax Department issued a decree in 2015 for income tax payers. According to this order, it can cost you if more than 20 thousand rupees cash is involved in buying or selling property. The Income Tax Department had issued an advisory, in which more cash transfers are being monitored over the limit.
The Department issued this advisory under the Finance Act, which came into effect from April 1, 2017. According to the income tax department, if you are buying or selling property then do not take cash transactions above Rs 20,000 in any case. If you do so, you have to pay a penalty other than tax.
The Department issued this advisory under the Finance Act, which came into effect from April 1, 2017. According to the income tax department, if you are buying or selling property then do not take cash transactions above Rs 20,000 in any case. If you do so, you have to pay a penalty other than tax.
