27 December 2020
A business assess purchases of site value Rs:22 lacs as on date:20-12-2020.but cash balance Rs:15 lacs as on date:20-12-2020 in books. Question: Assess Rs:7 lacs difference amount adjustment options mentioned below. 1.cash loan from Rs:20,000/- *35 members received allowed it act. 2.cash advance from 1 lacs *7 members different customers. Above options cash received correct methods
28 December 2020
The income tax act restricts accepting/payment of cash in excess of Rs. 20,000 in a real estate transaction. So, you cannot pay/accept cash consideration on sale of property.
28 December 2020
Sir, a person not a real estate business (retail rice traders ) 1.cash gifts from relative and family members 2.cash sales increase 3.cash received from different assess loans each one 19,000*30 members above options cash increased safe and allowed in i.t.act
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