The Income Tax Department had sought information from all the 21 Deputy Registrar’s offices located in Delhi, who had bought the property in cash despite the rule. The department has now prepared the list of such people. They will be sent a notice and if found guilty then will have to pay the fine.
This rule was applicable
The Department issued this advisory under the Finance Act, which came into effect from April 1, 2017. According to the income tax department, if you are buying or selling property then do not take cash transactions above Rs 20,000 in any case. If you do so, you have to pay a penalty other than tax.
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