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Capital assets

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(Querist)
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.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 June 2014 there is no disallowance as such. but source of the cash needs to be established.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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.
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