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About cash consideration

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(Querist)
23 March 2017 If any person sale fix assets than how much amount he can recd in cash ....which is legal according to law....or he must recd all through cheque....
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CA Shubhanshu Jain

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CA Shubhanshu Jain (Expert)
23 March 2017 As per law currently 3 lakh can be received in cash which will be going to reduced to Rs. 2 lakhs from new financial year, but it is adviseable that cash transaction for sale of fixed asset should be avoided in order to avoid any kind of complications in future.
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