cash payment
This query is : Resolved
Querist : Anonymous
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 ?
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.
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.
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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