12 January 2022
Sir, We have 2 bank accounts which are listed below. 1) HDFC Bank A/c ….1611 for normal day-to-day operations. 2) UBI A/c …..31260 (Rera designated account wherein 70% of the amount realized for the real estate project from the allottees to kept & utilized to cover the construction cost)
Can we deposit 100% of advances /amounts received from customers against Units to be sold/sold, in HDFC Bank, out of which 70% of the proceeds will be utilized to meet construction purposes & the remaining 30% will be utilized for day-to-day operations.? Please advise.
CAclubindia
