Can a stamp vendor sell stamps of Rs. 200000 in cash in a single day to a single person if not then can he sell part amount of stamps for a single property?
for eg. if customer for selling his property wants a stamp of Rs. 235000 can i receive cash for the same being stamp vendor earning only commission out of it?
if another customer for selling his property wants a stamp of Rs. 540000/- can i sell stamp of Rs. 180000 in cash in 3 different days to a same person?
* i am only receiving the commission income out of it.
a person receives an amount of exceeds 200000 in respect of single transaction or relating to one event or occasion from a person is taxable in the hands of receiver
however disallowance also attract in the hands of payee u/s 40a 3 if it's exceeds 10000
CAclubindia
