Maximum Limit to sell property

Querist : Anonymous (Querist) 06 November 2009 This query is : Resolved
What is the maximum value of the property to be sold without income tax clearance?

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A V Vishal (Expert) 06 November 2009
THE CLEARANCE SYSTEM HAS BEEN DONE AWAY WITH. IF THE PROPERTY BOUGHT OR SOLD IS 30.00 LAKHS AND MORE THE INFORMATION IS PASSED BY THE REGISTRATION DEPT TO THE TAX AUTHORITIES UNDER AIR AND NOTICES WILL BE SERVED BY THE IT DEPT, WHEREIN, THE VENDOR/VENDEE HAS TO SUBSTANTIATE HOW THE SALE PROCEEDS WERE UTILIZED/ SOURCES OF INCOME IN RESPECT OF THE VENDOR AND VENDEE.

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