I have a query.I m gonna start a new business in which initial investment to buy capital asset is around 4.5lacs. Please help me in letting me know below queries :
1. How much amount we should pay in cash and in cheque so that tax impact will be less.
2. What if a person don't have adequate funds in his bank account however, he can arrange whole funds in cash. But as per new rule of income tax we can not spend over 2lacs in cash. How can we make a payment to the dealer of capital asset?
Please advice.
Menu
Capital asset
Replies (4)
1. There is no tax saving in investment of capital assets. Can give everything by cheque.
2. You cannot take/repay cash loan above 20000 Rs. from any single individual/entity; so think beforehand.
Thank you sir for the reply, however, we didn't get your second point, so please elaborate this.
Sir can't we take a loan from bank for that asset?.. Coz we can't make a whole payment in cash & from bank. We have some amount in hand as well as in bank. What will be the limit if we pay whole amount
Sir can't we take a loan from bank for that asset?.. Coz we can't make a whole payment in cash & from bank. We have some amount in hand as well as in bank. What will be the limit if we pay whole amount
Thank you sir for the reply, however, we didn't get your second point, so please elaborate this.
Sir can't we take a loan from bank for that asset?.. Coz we can't make a whole payment in cash & from bank. We have some amount in hand as well as in bank. What will be the limit if we pay in cash so that we ll not bother by tax authority.
Sir can't we take a loan from bank for that asset?.. Coz we can't make a whole payment in cash & from bank. We have some amount in hand as well as in bank. What will be the limit if we pay in cash so that we ll not bother by tax authority.
You are requested to consult any local professional for the service.
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
