The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any
person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through
a bank account, if the amount of such loan or deposit is twenty thousand rupees or more. However, certain exceptions have
been provided in the section. Similarly, the existing provisions contained in section 269T of the Income-tax Act provide that
any loan or deposit shall not be repaid, otherwise than by an account payee cheque or account payee bank draft or online
transfer through a bank account, by the persons specified in the section if the amount of loan or deposit is twenty thousand
rupees or more.
In order to curb generation of black money by way of dealings in cash in immovable property transactions it is proposed to
amend section 269SS, of the Income-tax Act so as to provide 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 an immovable property otherwise than by an
account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such
loan or deposit or such specified sum is twenty thousand rupees or more.
It is also proposed to amend section 269T of the Income-tax Act so as to provide that no person shall repay any loan
or deposit made with it or any specified advance received by it, otherwise than by an account payee cheque or account payee
bank draft or by electronic clearing system through a bank account, if the amount or aggregate amount of loans or deposits
or specified advances is twenty thousand rupees or more. The specified advance shall mean any sum of money in the nature
of an advance, by whatever name called, in relation to transfer of an immovable property whether or not the transfer takes
place.
It is further proposed to make consequential amendments in section 271D and section 271E to provide penalty for failure
to comply with the amended provisions of section 269SS and 269T, respectively.
These amendments will take effect from 1st day of June, 2015.
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