john sanj (student of foundation) (131 Points)
04 April 2011A, a citizen of bangladesh,transfers property located in india to one B.B,being an indian citizen tranfers the consideration of Rs 2.5 lacs in cash to A.Is there any provision under the income tax act where an indian citizen is prohibited to make cash payment in excess of Rs 1 lac to a citizen of bangladesh?if yes kindly quote the section of the aforesaid act?an early reply will be highly appreciated.
regards
javed
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 04 April 2011
| Originally posted by : john sanj | ||
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A, a citizen of bangladesh,transfers property located in india to one B.B,being an indian citizen tranfers the consideration of Rs 2.5 lacs in cash to A.Is there any provision under the income tax act where an indian citizen is prohibited to make cash payment in excess of Rs 1 lac to a citizen of bangladesh?if yes kindly quote the section of the aforesaid act?an early reply will be highly appreciated. regards javed |
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1)how did A got the property?
2) if A is bangadeshi citizen, what he will do with cash in india?
3) how did the property got transfered? by means of registered instruments? how a bangladeshi can execute instrument in india?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 05 April 2011
CAclubindia
