Limit of accepting cash against advance booking of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2012
Hello Sir,
I am CA Final student, and the question is
what is the limit for accepting cash against advance for booking flats, plots in construction business? Whether sec.40A(3) provision is applicable for this transaction?
I am CA Final student, and the question is
what is the limit for accepting cash against advance for booking flats, plots in construction business? Whether sec.40A(3) provision is applicable for this transaction?
CA PARAS BAFNA
(Expert)
17 February 2012
As the purchaser is paying cash against booking of a flat, he can pay the amount in cash, exceeding Rs 20000/-.
As the same is not being purchased for any business purpose, 40A(3) would not apply.
As the same is not being purchased for any business purpose, 40A(3) would not apply.
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