Analysis Of Cash Transaction Limit Benefits & Risks In Property Transactions - Complete Budget 2024

Описание: "Are you Planning to Buy/ Sell Property In India? Puzzled over Cash Transaction Limit, How much cash we can take and pay while selling and purchasing the Immovable property.? Section 269SS
The penalty on cash received on sale of property in India is as follows:

Under the Income Tax Act, a penalty equal to the cash received is applicable.
Depending on the circumstances, this penalty is levied on the buyer, seller, or both.
The penalty is in addition to the tax liability on the capital gains arising from the sale of property.
The penalty can be waived or reduced if the taxpayer can provide a valid explanation for accepting cash and cooperates with the tax authorities.

It's important to note that accepting cash is a strict liability offense, meaning that the penalty will be levied even if there is no intentional evasion of tax. To avoid penalties, it's essential to ensure compliance with tax laws and regulations when selling or buying property in India.


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Chapters
00:00 Introduction
00:5 Why Seller Want cash, Benefits, Risk
00:10 Benefits of Buyer
00: 15 Some Practical and legal option to reduce taxes