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Cash receipts received rs:20,000/- allowed

This query is : Resolved 
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(Querist)
27 December 2020 A business assess purchases of site value Rs:22 lacs as on date:20-12-2020.but cash balance Rs:15 lacs as on date:20-12-2020 in books.
Question:
Assess Rs:7 lacs difference amount adjustment options mentioned below.
1.cash loan from Rs:20,000/- *35 members received allowed it act.
2.cash advance from 1 lacs *7 members different customers.
Above options cash received correct methods
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
28 December 2020 The income tax act restricts accepting/payment of cash in excess of Rs. 20,000 in a real estate transaction. So, you cannot pay/accept cash consideration on sale of property.
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Kollipara Sundaraiah

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Kollipara Sundaraiah (Querist)
28 December 2020 Sir,
a person not a real estate business (retail rice traders )
1.cash gifts from relative and family members
2.cash sales increase
3.cash received from different assess loans each one 19,000*30 members
above options cash increased safe and allowed in i.t.act
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
01 October 2021 Yes allowed..
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