Dear S.M. Navale
In order to curb generation of black money by way of dealings in cash in immovable property transactions section 269SS of the Income-tax Act is amended with effect from 01.06.2015 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.
Such payment/receipt for immovable property is mentioned as "Specified Sum" in the text of sections.
Both buyer and seller are liable for contradiction of Section 269SS & 269T further penalty sections 271D & 271E has also been amended to include "Specified Sum".
Hence in response of your question Yes both seller and buyer are liable for penalty under section 271D & 271E.
CA Bhuwan Sharma
Posted 2 years, 11 months ago by NRO0263978 BHUWAN CHAND SHARMA
Thank you sir for your reply,
I have doubt that in the section it is mentioned that
" no person shall accept from any person'
the person who accept the cash and not payer of cash, it means only the seller who accepts cash is liable for penalty. not buyer. Is it correct?
Posted 2 years, 11 months ago by Manjula Navale
Apologies for replying late as i was out of town due to some serious family issues and yes your view is correct considering the exact word of law but my answer was based on my reasearch about intention of law and consequenses, comments by various other expertsso beware if you messed this up with authority they may make an interpretation which is beneficial to them only.so beware have a good day
CA Bhuwan Sharma
Posted 2 years, 10 months ago by NRO0263978 BHUWAN CHAND SHARMA
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