As per amendments this year, From 1st June, 2015 if any transaction relating to immovable property, where advance is accepted by the seller in the form of cash then there is a penalty of 100%.
Is there any penalty on buyer for the amount paid by way of cash (Advance and Balance amount)?
Ex: A has sold the land to B for Rs.16,00,000 on 29/09/2015. B paid advance of Rs.4,00,000 on 1/09/2015 and Rs.12,00,000 on 29/09/2015 by way of cash. What are the penalties on Seller and Buyer as per amendment or as per Income Tax Act?
And if consideration is paid by way of Pay order. whether Pay order is considered as Account payee draft or not?
Is there any penalty on buyer for the amount paid by way of cash (Advance and Balance amount)?
Ex: A has sold the land to B for Rs.16,00,000 on 29/09/2015. B paid advance of Rs.4,00,000 on 1/09/2015 and Rs.12,00,000 on 29/09/2015 by way of cash. What are the penalties on Seller and Buyer as per amendment or as per Income Tax Act?
And if consideration is paid by way of Pay order. whether Pay order is considered as Account payee draft or not?