30 January 2020
Respected Experts, One of my clients purchased second hand car with cash payment (not in cheque, by withdrawing from ATM and cash balance in hand) of Rs. 1.92 lacs. is it allowed in income tax ? can we record this in our books ? There is some confused while i have read for this on internet. so please suggest me as clear as possible. Thanks
30 January 2020
thanks warrier and joglekar sir. limit of 10000 is only applicable in expense ? and i think cash payment grater than 2.00 lacs is prohibited by income tax !
03 February 2020
Cash payment greater than 2 lakh is section 269ST...Mode of transaction. What B Chackrapani Warrier Sir has pointed out is that the purchaser is NOT able to claim depreciation on this amount
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