Capital assets
This query is : Resolved
Debabrota Roy
(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.
please reply.
Nikhil Kaushik
(Expert)
10 June 2014
there is no disallowance as such. but source of the cash needs to be established.
Message likes :
1 times
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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