Cash transactions of property worth Rs 20K or above to come under IT scanner
The Income Tax department has initiated a drive against property purchases where the buyer or sellers indulge in cash transactions ranging over Rs 20,000.
This will help to tackle to block flow of black money in the national capital. “IT department has scanned all the registries done from June 1, 2015, to December 2018 where the cash payment above Rs 20,000 was made,” a senior IT Department official said, requesting anonymity. Also read http://realtyplusmag.com/hyderabad-civic-body-to-install-50-stps-2
The assessment officer of IT Department will start sending notices to both the seller and the purchaser from next month. The seller will be asked to pay the penalty of an equal amount if he has accepted cash above Rs 20,000.
Previously, in order to curb the generation of black money by way of dealings in cash in immovable property transactions, Section 269SS of the Income-Tax Act affected some changes in the realty sector in 2015.