Real state agent

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CA. Ashish Tripathi (Querist)
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08 December 2014 one of my client want to start a company as a real state agent he intends to received all amount in company accounts from purchaser and paid all amount to seller through company account but registry direct should be in the name of purchaser from seller, it is valid or contravention any law

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 December 2014 If you operate through banking channels no problem.

CA. Ashish Tripathi

CA. Ashish Tripathi (Querist)
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09 December 2014 but many of ca said its not valid transaction eg. it may be treat public deosit please give a suitable solution

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2014 As per companies Act 2013 only if the advance is outstanding for 365 days is considered as deposit.

Definition of deposits has been changed drastically and the following amounts have been included in the definition of deposits in respect to acceptance of Deposit Rules:-
Any amount received in the course of or for the purpose of the business, as advance and is outstanding for 365 days.

If you keep such advances less than 365 days no problem.

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