VERY IMPORTANT UPDATE IN INCOME TAX IN TRANSFER OF IMMOVABLE PROPERTY

IN CASE OF TRANSFER OF PROPERTY, THE AMOUNT OF Rs. 20,000/- OR MORE CANNOT BE GIVEN OR ACCEPTED AS ADVANCE OR IN ANY OTHER FORM, FROM ANY PERSON, OTHERWISE BY ACCOUNT PAYEE CHEQUE/DRAFT OR BY ELECTRONIC CLEARING SYSTEM THROUGH A BANK ACCOUNT. AS PER THE AMENDMENT IN SECTION 269SS / 269T OF THE INCOME TAX ACT, 1961 WITH EFFECT FROM 1st JUNE-2015. REFER FINANCE ACT GUIDE FOR RELEVANT AMENDMENT MADE BY FINANCE ACT, 2015.