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cash payment

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 January 2010 hi friends, i would like to know what are the various tax implications in case of cash payment for purchase of property ?
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
24 January 2010 you can pay in cash for purchase of property. No problem in income tax
but you should have cash in hand in books otherwise you will have problem to show source of money.
if cash is more than 50,000/- then wealth tax implication will arise.
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Rahul Gupta

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Rahul Gupta (Expert)
07 February 2010 Agreed.. Since it is property i don't think that will be less than Rs. 50,000. suggestion is to make payment through cheque.
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