Cash Receipts above Rs. 20000
This query is : Resolved
25 March 2011
Mr. X receives cash Rs 185000 against sale of Gold to Mr. Y. Can Mr. X accept such huge cash amount in cash?
I know that the Cash payment made by Mr. Y will be disallowed u/s 40(a)(3).
I know that the Cash payment made by Mr. Y will be disallowed u/s 40(a)(3).
25 March 2011
Yes he can receive the same no problem from his side.
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26 March 2011
yes it is disallowed for payment party not receiver
26 March 2011
Section 40 A (3) deals with the payment in excess of 20,000 and not receipt in excess of 20,000/-.
Even if the party made the cash payment in excess of 20,000/- he will surely split the amount through out the period and not going to suffer the disability in practical sense.
Even if the party made the cash payment in excess of 20,000/- he will surely split the amount through out the period and not going to suffer the disability in practical sense.
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