While a video of Salem-based YouTuber V. Boopathi buying his dream bike by paying the majority of the total price of ₹2.6 lakh in coins has gone viral on social media, questions emerge about tax consequences, as it has been recorded that ₹2 lakh or more received in cash.
According to showroom representatives in Ammapet from where the bike was bought, an initial payment of ₹40,000 was made through bank transfer and only ₹2.20 lakh was received as coins.
Abhishek Murali, president, All India Tax Payers’ Association, pointed out that Section 269ST of Income Tax Act was introduced by the Finance Act, 2017 to restrict cash transactions.
