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advance in cash above rs. 3,75,000/-

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(Querist)
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
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CA Sidhi Gaur

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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.
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rohit

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rohit (Querist)
22 March 2010 thank you
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