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Cash Payments to builder
I am purchasing a flat and the builder has asked for certain payment in cash. for said purpose I have transferred 2 lakhs each in my relatives account. Will those transactions attract any income tax provisions?
Replies (8)
Quick Summary
Not taxable
You may give cash directly to the builder without depositing in relatives accounts
I have to pay 25 lakhs in cash and as per income tax act any cash transaction above 2 lakhs is not allowed
As per the act cash payment of more than 20,000 is not allowed
Pls ensure the title of the property.
It is advisable to pay money from the owners savings account/ current account
When you deposit money to relatives account if it's a blood relation there are other complications.
It is advisable to pay money from the owners savings account/ current account
When you deposit money to relatives account if it's a blood relation there are other complications.
Consult an expert for comprehensive advise.
Yes consult an expert
For transferring any amount to relative attention is attracted towards Sec 56 (x) 2
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