In order to reduce dealings of cash in immovable property transactions it is proposed to amend section 269SS and section 269T of the Act in Budget 2015. 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 immovable 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.
Penalty for acceptance in Cash: In Consistent with the proposal Made in 269SS & 269T, Penalty for Violation of the amendments to be covered by making consequential amendment in Sec.271D & 271E respectively.