Selling a house to clear your home loan? What an ITAT ruling on a ₹26 lakh cash advance means for property sellers
Summary
ITAT Chennai has deleted a ₹26 lakh penalty on a salaried taxpayer who accepted a ₹26 lakh cash advance while selling his house to repay an outstanding home loan. The tribunal cited reasonable cause, considering the genuine transaction and financial circumstances.
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Selling a house to clear your home loan? What an ITAT ruling on a ₹26 lakh cash advance means for property sellers
ITAT Chennai has deleted a ₹26 lakh penalty on a salaried taxpayer who accepted a ₹26 lakh cash advance while selling his house to repay an outstanding home loan. The tribunal cited reasonable cause, considering the genuine transaction and financial circumstances.
