20 June 2014
My mother in law has given a shop on rent for 36 months as per registered lease agreement. There are 6 more months pending for current lease period. The tenant has given her post dated account payee cheques. Now the tenant wants to pay the rent in cash for the rest of the period i.e. for 6 months. Are there any tax implication or any other implication in this proposal of tenant? Is it appropriate to accept rent in cash?
20 June 2014
as receiver of income, it doesnt matter to you at all whether the receipt is in cash or through cheque as long as the same is offered to tax in appropriate manner.
CAclubindia
