advance in cash above rs. 3,75,000/-
This query is : Resolved
29 December 2009
can an individual builder, receive an advance of rs. 375000/- in cash towards purchase of property by the former..
what will be the tax implication on both the lender and the borrower..
what if the borrower is a company..
what if the lender is a company..
what if both lender and borrower are a company...
thanks
what will be the tax implication on both the lender and the borrower..
what if the borrower is a company..
what if the lender is a company..
what if both lender and borrower are a company...
thanks
CA Sidhi Gaur
(Expert)
29 December 2009
yes, a builder can receive an advance in cash without limit against payment for purchase of property.
it will be business income for the builder.
it will be business income for the builder.
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