Payment made by Cash for Plot of Land_ Provisions of Law as in Dec 2012
Dear Sir, A Pvt Real Estate Developer asked for 50-50 : Cash-Cheque Payment for Plot of land costing Rs 20,80,500/- purchased and Registered in Tehsil in Dec 2012. Stamp Duty was therefore paid on half the amount only ie on moneys paid by Cheque. I paid as I had no problem justifying the source of my money. Shall be grateful if you could kindly indicate the Penalties, if any, under Income Tax Act or Indian Stamp Duty Act, or any other Act. best regards A Sinha
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