Changes in Income Tax Provisions regarding Unsecured Loans applicable w.e.f 01.04.2015
Amended Provisions of Sec 269SS /269TT:
In order to curb generation of black money by way of dealings in cash in immovable property transactions it is proposed to amend section 269SS and section 269T of the Act.
Section 269SS of the Act is proposed to be amended to provided 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 immoveable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearance system if the amount is Rs. 20,000 or more. Section 269T is proposed to be amended to provide that no person shall repay any loan or deposit made with it or any specified advance received by it otherwise than by account payee cheque or electronic banking account if the amount is Rs. 20,000 or more.
Consequences
If a loan or deposit is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit may be levied.
Action to be taken
No amounts exceeding Rs. 20,000/- either by way of advance or sale/transfer of immovable property to be received/ refunded other than by way of Account Payee cheques/demand drafts/electronic banking.
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