The Tamil Nadu State Registration Department has mandated Sub-Registrars to report any cash transactions exceeding Rs.20,000/- in property registrations.
The Income Tax Act (Sec 269SS) mandates that any cash transaction involving sale of Immovable property in excess of Rs.20,000/- attracts a 100% penalty of the amount transacted.
The proper drafting of Sale Deeds and Planning property transactions with the impact of these Income Tax provisions will be of paramount importance.
Warm Professional Regards
Forever Yours in Service
*Dr. CA.Abhishek Murali*,
Regional Council Member, SIRC of ICAI
President, All India Tax Payers' Association (AITPA)
Mob: +91 99625 21966
The Income Tax Act (Sec 269SS) mandates that any cash transaction involving sale of Immovable property in excess of Rs.20,000/- attracts a 100% penalty of the amount transacted.
The proper drafting of Sale Deeds and Planning property transactions with the impact of these Income Tax provisions will be of paramount importance.
Warm Professional Regards
Forever Yours in Service
*Dr. CA.Abhishek Murali*,
Regional Council Member, SIRC of ICAI
President, All India Tax Payers' Association (AITPA)
Mob: +91 99625 21966
