Cash Sales of Jewellery above Rs 20,000.00
This query is : Resolved
U.B.MITTAL
(Querist)
29 January 2010
Dear Sir,
My client is in the business of Reseller of Jewellery(having Jewellery Showroom).He sales Jewellery in cash as well as in cheque.I want to know can he sell Jewellery in cash of above Rs 20,000.00 per transaction and what documents we shoud keep with us of buyer(Customer) if there is an inquiry about these transactions in future by Income tax department
U B Mittal
My client is in the business of Reseller of Jewellery(having Jewellery Showroom).He sales Jewellery in cash as well as in cheque.I want to know can he sell Jewellery in cash of above Rs 20,000.00 per transaction and what documents we shoud keep with us of buyer(Customer) if there is an inquiry about these transactions in future by Income tax department
U B Mittal
30 January 2010
u can sale jewellery in cash of above Rs. 20000 in normal course of business
Murtaza I Bhagat
(Expert)
30 January 2010
yes agree. give bill to customers above rs.20,000/- in cash or cheque as normal transation.
CMA Arif Farooqui
(Expert)
30 January 2010
agree
CA Ravi Sisodia
(Expert)
30 January 2010
Agree you can sell in cash even then sell amount is more then Rs.20000
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