Analysis Of Cash Transaction Limit Benefits & Risks In Property Transactions - Complete Budget 2024

"Are you Planning to Buy/ Sell Property In India? Puzzled over Cash Transaction Limit, How much cash we can take and pay while selling and purchasing the Immovable property.? Section 269SS The penalty on cash received on sale of property in India is as follows: Under the Income Tax Act, a penalty equal to the cash received is applicable. Depending on the circumstances, this penalty is levied on the buyer, seller, or both. The penalty is in addition to the tax liability on the capital gains arising from the sale of property. The penalty can be waived or reduced if the taxpayer can provide a valid explanation for accepting cash and cooperates with the tax authorities. It's important to note that accepting cash is a strict liability offense, meaning that the penalty will be levied even if there is no intentional evasion of tax. To avoid penalties, it's essential to ensure compliance with tax laws and regulations when selling or buying property in India. #incometax,#aktassociates, #incometax This Channel is dedicated to NRI Friends and planned to help them in, four areas 1) NRI Taxation, DTAA, and FEMA Compliance 2) NRI Property matters 3) NRI Legal matters, such as Will, Inheritance, Family Settlement, etc 4) NRI Investment matters in India Pls feel free to ask your queries and I will surely study, Consult, and make a Video on that or at least answer in the comment section. Kindly note please Don't leave personal information in the comment section and send such queries to Client support Team on WhatsApp @ 8080088288 or on Email - Cs@aktassociates.com, they will help you to answer your common queries and for specific queries, they will arrange an Appointment. Pls, note there will be a nominal consulting fee for such an appointment which will be reduced from final fees if any work or assignment is provided to us. making consulting Free on the net. I strongly recommend going through the channel first as most of the queries I have already answered before paying for consulting. Some Popular topics and related videos are listed herewith 1) Complete Stepwise Property sell Procedure for NRIs in 2023    • TDS on NRI Property Sale/Purchase - Latest...   2) Tax for Seafarer    • पूर्ण Tax Guidance Indian Seafarers के लीय...   3) NRI Property Sell Playlist    • TDS on NRI Property Sale/Purchase - Latest...   4) NRI QNA    • NRI TDS on properties - FAQ Series   Chapters 00:00 Introduction 00:5 Why Seller Want cash, Benefits, Risk 00:10 Benefits of Buyer 00: 15 Some Practical and legal option to reduce taxes