Supreme Court asks courts to notify IT Deptt about cash deal

The Supreme Court has said that when it is known that an amount of ₹2 lakh or more has been given in a transaction related to real estate, and if the registering authority did not send this information, then it will be brought to the notice of the Chief Secretary of the state.

The Chief Secretary can initiate disciplinary action against the officer who has not reported the transaction on time.

According to section 269ST of the Income Tax Act, no person is allowed to receive cash amounting to ₹2 lakh or more from a single person in a day, whether it is a single transaction or multiple transactions related to an occasion. If a person receives cash amounting to more than this limit, he will have to pay a penalty of the same amount as the amount received.

Legal experts said on this matter, that “although this may be the most effective way to stop cash transactions. But this may cause problems for home buyers, if builder will not give information about the cash transaction on time. However, according to the law, the penalty applies to the person who takes cash.”

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