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capital receipt

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(Querist)
23 June 2017 hi I am going sale my plot. Purchasing party gave me 5 lakh in cash as token money ( beaana) . total 30 lakh our agreement .balance will be paid within 3 months. my question is the balance amount should I receive cheque or cash ? please advise what to do in all. thanks
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
24 June 2017 Take the amount by cheque and not by cash
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jas

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jas (Querist)
24 June 2017 sir, the amount i received 5 lakh in cash ?
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jas

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jas (Querist)
24 June 2017 is there any responsibility of buyer to give us money after deducting TDS?
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
24 June 2017 Buyer will be response to deducted TDS @ 1% u/s 194IA if the property value exceeds Rs. 50 Lakhs
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jas

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jas (Querist)
24 June 2017 OK thanks sir
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jas

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jas (Querist)
05 July 2017 what if we receive cash from buyer then deposit into bank ?
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
05 July 2017 Kindly refer section 269 ST
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jas

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jas (Querist)
05 July 2017 thanks again Sir ☺
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