Cash acceptence eligible
This query is : Resolved
25 July 2014
Hi my client ( company registered under companies act) They are into real estate & builders. they have accepted cash for the sale of flat. the customer has paid 8 lakhs every month and they have shown in their books account. is it acceptable under income tax act to accept cash?
Nikhil Kaushik
(Expert)
26 July 2014
receipt of sale consideration in cash is permitted without any limit as long as you record it properly
29 July 2014
there is no provision expressly restricting the same...
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