Payment through A/C payee Cheque or RTGS/NEFT for transaction in real estate

W.e.f. 01 JUN 2015 any transaction in real estate including agricultural land shall be required to be made through account payee cheque or RTGS / NEFT if it is of Rs.20,000/- or more, only such farmers are free from this if both of them have agricultural income only and not any other income chargeable to income tax i.e. both of them should not have any income like interest/rent/salary etc. even of one rupee, i.e. he should not have even income of one rupee other than only agricultural income. If transaction is done in cash then penalty of an amount equal to such cash transaction will be imposed on seller who accepts cash or refund of advance is made in cash by the seller of property.