prasad (government employee) (225 Points)
22 March 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171563 Points)
Replied 23 March 2017
Please define ONMONEY........ so that its treatment can be thought of.
prasad
(government employee)
(225 Points)
Replied 23 March 2017
the onmoney is over and above the document value of the property
prasad
(government employee)
(225 Points)
Replied 23 March 2017
the onmoney is over and above the document value of the property
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171563 Points)
Replied 24 March 2017
OK.
1. Was it paid by Cheque/cash? Note as per IT act, any cash payment above Rs. 20,000/- not allowed.
2. Do the purchaser has receipt for that onmoney? Without proper receipt he is not allowed to enter the payment in his books of accounts.
3. Why the amount was not added to document valuation?
prasad
(government employee)
(225 Points)
Replied 24 March 2017
the transaction was by mode of cheque for document value and cash was paid for onmoney.
the purchaser has admitted the payment of onmoney and paid the taxes.
the seller has filed the income tax return and shown only document value but not shown the onmoney received.
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