banner_ad

Cash Receipts above Rs. 20000

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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).
Profile Image

CMA. CS. Sanjay Gupta

Profile Image

CMA. CS. Sanjay Gupta (Expert)
25 March 2011 Yes he can receive the same no problem from his side.
Profile Image

Murtaza I Bhagat

Profile Image

Murtaza I Bhagat (Expert)
26 March 2011 yes it is disallowed for payment party not receiver
Profile Image

CA.ViVeK M ACA

Profile Image

CA.ViVeK M ACA (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details