Land sales money deposit
This query is : Resolved
07 June 2018
Hi Expert,
Hope all is well,
My Grand mother sold her property for Rs 40,00,000/-, and she received money through cash, now she wants to deposit the in a bank is this possible to deposit the money like that , or else is there any rules or procedure
Thanks in Advance
Regards
Vijith T K
Hope all is well,
My Grand mother sold her property for Rs 40,00,000/-, and she received money through cash, now she wants to deposit the in a bank is this possible to deposit the money like that , or else is there any rules or procedure
Thanks in Advance
Regards
Vijith T K
CA R SEETHARAMAN
(Expert)
07 June 2018
Not possible to deposit the money like that. Under section 269ST of Income tax Act cash receipt in excess of 2 lacs not allowed.
CA R SEETHARAMAN
(Expert)
08 June 2018
Return cash take cheque payment.
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