One of the significant con of buying a resale flat is that many sellers demand a significant portion of the payment be made in cash. However, to answer your question: Do I need to pay cash for resale flat? Let me tell you that individuals are permitted to transact up to Rs 20,000 in cash. This sum will also appear in your registration. Cheques or electronic transactions can be used for transactions over that amount.
Can I Buy a Flat in Cash?
No! You cannot pay the entire amount in cash. On June 1, 2015, it became illegal to pay more than Rs 20,000 in cash for real estate transactions. To prevent the growth of black money, the government implemented several reforms.
The Income Tax Act's 269T, 271D, and 271E were reportedly also modified. Section 269SS states that anyone who transacts in real estate for more than Rs 20,000 in cash faces a 100% penalty. The whole revenues from the sale of the property must be deposited to the Income Tax department as part of the penalty.
The joint commissioner of income tax must impose this penalty without exception or leeway under Section 271D.
I hope this information helps you in buying a resale property.
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Authors Of The Question
Do I Need to Pay Cash for Resale Flat?
Kashish
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1 Answers
30 days
2024-12-19T09:06:49+00:00 2024-12-19T09:09:41+00:00Comment
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