Regarding Rera Banking operations
This query is : Resolved
12 January 2022
Sir,
We have 2 bank accounts which are listed below.
1) HDFC Bank A/c ….1611 for normal day-to-day operations.
2) UBI A/c …..31260 (Rera designated account wherein 70% of the amount realized for the real estate project from the allottees to kept & utilized to cover the construction cost)
Can we deposit 100% of advances /amounts received from customers against Units to be sold/sold, in HDFC Bank, out of which 70% of the proceeds will be utilized to meet construction purposes & the remaining 30% will be utilized for day-to-day operations.?
Please advise.
We have 2 bank accounts which are listed below.
1) HDFC Bank A/c ….1611 for normal day-to-day operations.
2) UBI A/c …..31260 (Rera designated account wherein 70% of the amount realized for the real estate project from the allottees to kept & utilized to cover the construction cost)
Can we deposit 100% of advances /amounts received from customers against Units to be sold/sold, in HDFC Bank, out of which 70% of the proceeds will be utilized to meet construction purposes & the remaining 30% will be utilized for day-to-day operations.?
Please advise.
12 January 2022
Not allowed unless the HDFC bank account is also registered with RERA authority, for the project.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
