Buying a property is a significant investment, and any mistake in verifying its legality can lead to severe financial and legal troubles. With rising real estate fraud cases, it is crucial to check whether a property is legally valid before purchasing it. This guide will help you understand the essential documents to verify and how to ensure that your investment is safe. 1. Why Property Verification Is Important? Real estate frauds, disputed properties, and illegal constructions are common issues in property transactions. To avoid such risks, a thorough verification of legal documents is necessary. Proper verification ensures: The seller has the legal right to sell the property. The property is free from legal disputes and financial liabilities. All government approvals and clearances are in place. 2. Essential Documents to Check Before Buying Property (i) Title Deed Verification A title deed is the most crucial document proving ownership of the property. Before finalizing a deal, ...
Income Tax: Cash Transactions Above This Limit Will Attract 100% Penalty – Know the Latest Tax Rules
To promote digital payments and prevent tax evasion , the government has imposed strict rules on cash transactions . If a person exceeds the permitted cash transaction limit , they will have to pay a penalty equal to the amount transacted . The Income Tax Department is closely monitoring large cash dealings, making it essential for individuals and businesses to follow the tax regulations to avoid legal trouble. What Are the Limits on Cash Transactions? According to the Income Tax Act, 1961 , there are strict restrictions on cash dealings. If you exceed these limits, you may face hefty penalties . Let’s explore the key sections of the Income Tax Act related to cash transactions and their penalties. 1. Section 269SS: Cash Loan or Deposit Above ₹20,000 is Prohibited As per Section 269SS , no individual or business can accept a loan, deposit, or specified sum in cash if the amount exceeds ₹20,000 . The main objective is to ensure transparency in financial transactions and prevent b...