Budget 2015- payment of purchase of immovable property should be by cheque,deman

[bpagrawal]

MEASURES TO CURB BLACK MONEY  Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is twenty thousand rupees or more. However, certain exceptions have been provided in the section. Similarly, the existing provisions contained in section 269T of the Income-tax Act provide that any loan or deposit shall not be repaid, otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, by the persons specified in the section if the amount of loan or deposit is twenty thousand rupees or more. In order to curb generation of black money by way of dealings in cash in immovable property transactions it is proposed to amend section 269SS, of the Income-tax Act so as to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more. http://www.lawweb.in/2015/03/budget-2015-payment-of-purchase-of.html

[cankgoyal]

Sir, whether it is for only taking advance/byana/earnest money  receipt/payment in relation to immovable property  covered u/s 269SS AND 269T, if in cash in excess of Rs 20000.       

OR   whether it  also cover Sale and purchase amount in cash in excess of Rs 20000/- not involving any advnace etc.

In my opinion it covered only advance in relation to immovable property trans, whether i am right

[surendrachopra]

This applicable to both advance or other sum received on transfer of immovable asset because the words used are 'Any sum receivable whether as advance or otherwise, in relation to transfer of an immovable property whether or not the transfer take place'. From this u will fill that word 'or otherwise' has been used and as such the entire amount of sale consideration has to be through account payee cheque or draft if the involved amount is 20000 or more