can we sale old car for cash Rs. 600000/-
if no. please give me your recommendations...
4 Replies
Ameet
(L)
(1678 Points)
Replied 18 February 2010
In my point of view, there is no provision, which is binding on the assesse to sold an asset on cash.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 18 February 2010
Yes, An Assessee Can Sold Car in Cash.
Sunil Gupta
(Service)
(181 Points)
Replied 18 February 2010
unwilingness to buy your car through cheque etc indicates involvment of black money, which may come in the scrutiny of IT Department and buyer may be in trouble if you show sale through cash in your books of accounts. technically there is no provision which say not to sale through Cash
sivadas chettoor
(CA)
(2644 Points)
Replied 22 February 2010
Please note that the restriction on csah receipts are for taking loan or deposit in excess of Rs 20000. So far as sale of car is concerned you are free to take it in cash.
siva208 @ yahoo.com
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