Section 58a deposits
This query is : Resolved
chsreddy2002@gmail.com
(Querist)
10 August 2011
some companies are collecting amounts by way of instalments for a plot/land (advance) booking, after completion of the term if customer is not willing to take plot/land company will re pay customers amounts with intrest.
shall it comes under section 58a
shall it comes under section 58a
11 August 2011
..in my opinion NO since Section 58A deals with the normal nature of business funding by way of inviting Deposits either from the public or from its members.
11 August 2011
Section 58A is regarding accepting deposits and not against the sale of plots or assets. Hence, it is not covered u/s 58A
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