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Can make the payment out of consideration received from flat sold.
I have sold my flat which was purchased in my native place as 2nd home at cost basis without any profit. I have certain queries, please clarify:
1. Can I make payment out of the amount received from flat sold to the vendors through cheque who has done interior designing, Electrical works and Painting Etc. in my row house?
2.. Can I withdraw some amount as cash for my personal use?
3. Which documents to be maintained as record.
Replies (2)
First you will have to declare the sell of the flat, in the ITR of corresponding year, and declare any capital gain/ loss arrived in the transaction. If liability arise, pay legitimate tax over it.....
You can utilize/spend the received amount the way you wish...... No restriction..
Thank You Dhirajlal Sir
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