Capital assets

This query is : Resolved

Debabrota Roy (Querist)
Follow

10 June 2014 Please let me know wheather anyone can purchase any capital assets by paying hard cash Rs. 10 lakhs and above. Is there any income tax objection or violation of any rules of income tax or its Act.is there any formalities to be maintained for purchasing capital assets by cash.
please reply.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

10 June 2014 there is no disallowance as such. but source of the cash needs to be established.

Message likes : 1 times

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

10 June 2014 directly there is no provision for restriction but u can be in real trouble for sources of income u may have to give details in scrutiny if it comes.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now