It person purchase of agriculture land value rs:15 lacs amount payment way by cash mode in f.y.20-21.
Question:
Cash mode allowed in it act or penalty applicable
You cannot pay by cash more than Rs. 20,000 in case of immoveable property.
A penalty equal to cash payment can be levied.
It is better to do transaction through banking mode, anyhow transaction will be reported to IT department whether done through cash or bank.
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