Advance in money for Property Covered by Section 269SS & 269T wef 01.06.2015

Advance in money for Property Covered by Section 269SS & 269T wef 01.06.2015

Mode of using or accepting specific loans, deposits and certain amounts and mode of payment of loans or deposits and specified advances

The sooner conditions found in part 269SS for the Income-tax Act offer that no individual shall simply take from anybody any loan or deposit otherwise than by a free account payee cheque or account payee bank draft or online transfer through a bank account, in the event that quantity of such loan or deposit is twenty thousand rupees or higher. Nevertheless, specific exceptions have already been supplied when you look at the area. Likewise, the prevailing conditions found in part 269T of this Income-tax Act offer that any loan or deposit shall never be paid back, otherwise than by a merchant account payee cheque or account payee bank draft or transfer that is online a bank account, by the individuals specified when you look at the section in the event that level of loan or deposit is twenty thousand rupees or higher.

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 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.

Part 269T of this Income-tax Act already been amended vide Finance Act,2015 with impact from 01.06.2015 to supply that no individual shall repay any loan or deposit made by it, otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount or aggregate amount of loans or deposits or specified advances is twenty thousand rupees or more with it or any specified advance received. Lire la suite