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Impact of car purchase in cash

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SHREEPAL LALWANI

SHREEPAL LALWANI (Querist)
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11 May 2017 Dear Sir,

I want to purchase Car Value Rs. 7.50 Lacs. Should I pay whole amount in Cash for purchase of car if not then up to how much amount I can pay in cash for purchase car?

RAJESH SHUKLA

RAJESH SHUKLA (Expert)
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11 May 2017 you can make cash payment below 2 lacs. if possible you can make entire amount through Demand Draft or Pay order.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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12 May 2017 In view of section 269ST the cash payment should not be Rs 2 Lakhs or more otherwise recipient will invite penalty.

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