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Urgent !!!! capital gains query

vipul (ca ipcc) (76 Points)

30 October 2014

1- What is the date of aquisation of DDA flat : Application date, Allotment letter date, Date of full payment, Payment of stamp duty, Conveyance deed date 2- can we receive full payment in cash or there are any restrictions ? 3- can we show cost of improvement with out having it or we have to show some bills against it ? 4- commission on sale can be paid in cash or we have to pay in cheque.? 5- can we show commission on sale paid to family members ? Please answer my few queries

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hiteshjain964@gmail.com (mumbai) (59 Points)
Replied 04 January 2015

1) Allotment letter date. 2) you can recieve full payment in cash. You can recieve income in any form ITO has no problem. But the purchasing party would be able to claim exp as a normal or even as a depriciation. 3) if you really has done some improvement then u can get the bills. But u don't have bills and I think u have also paid amount in cash. So ITO may not allow it as a deduction. 4) any expenses paid above 20k in cash to a single person on a single day expenses cannot claim as a deduction.make sure deduct tds on the same. 5) yes u can. But there must be some faithness in transaction. U must be able to prove To ITO if he question