sale consideration of hous can be received in cash or Not ??
This query is : Resolved
CA Abhishek Singh
(Querist)
09 January 2011
one of our client(Mr. X) wants to sell his house property and purchase another house property.
prospective buyers are ready to pay by cash only.
can Mr. X use that money for purchase of new house property. kindly suggest appropriate course of action.
prospective buyers are ready to pay by cash only.
can Mr. X use that money for purchase of new house property. kindly suggest appropriate course of action.
Guest
Guest
(Expert)
10 January 2011
Sales consideration can be accepted in case. Money so received in cash, can be invested in other house.
12 January 2011
though he can do so but to avoid any legal complications better to receive it in bank only
Vivek Raju P
(Expert)
12 January 2011
There is no bar to accepting the consideration in cash for the transfer of asset. So in my viwe it can be accepted.
Guest
Guest
(Expert)
13 January 2011
There will no controversy if Sales consideration ia accepted in cash .
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