HI,
We have sold a property on July 2016 59 Lakh.
Below are transaction Details.
1 Lakh - Cash Payment,
51Lakh -Bank Loan(buyer has taken)
7Lakh - Cheque(buyer Accnt)
The same is mentioned in the Buyer/Seller Agreement.
After this transaction, we came to know that there is a new Income Tax Act, while selling Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or morein cash from the buyer.
The buyer stays in another city, and all the property paper's are with bank.
Buyer is ready to take back cash, and pay in checque, but all the orignal paper's are with Bank.
What can we do in this case.
Regards,
Payal
