House property

cash transactions are not legal.

Originally posted by : CA Ankit Totla
	cash transactions are not legal.

CA ankit ji,
i didnt get what u said. can u elobarate??

i think cash transaction are not illegal...

preeti,

if he has rent receipts then that will be sufficient... can u elobarate alittle??

Originally posted by : kavitha
	i think cash transaction are not illegal... preeti, if he has rent receipts then that will be sufficient... can u elobarate alittle??

Hi kavitha,

The main problem is that he doesnt hav any rental receipts for the rent received. The Assessing officer is not convinced with his arguments. so he doesnt hav anythng to prove it.

Originally posted by : kavitha
	i think cash transaction are not illegal... preeti, if he has rent receipts then that will be sufficient... can u elobarate alittle??

This case is not a legal v/s illegal.. its a case of cash which can be shown or supressed (hide) in books.........  if  there are proper reciepts then it can't  be hide....

Originally posted by : CA Lokesh Pokharna
	Originally posted by : kavitha i think cash transaction are not illegal... preeti, if he has rent receipts then that will be sufficient... can u elobarate alittle?? This case is not a legal v/s illegal.. its a case of cash which can be shown or supressed (hide) in books.........  if  there are proper reciepts then it can't  be hide....

CA lokesh, i am just replying to the answer posted by CA Ankit !!!!

no problem if it is taken in cash, but if tenant is doing any business on that  property, giving rent to landlord any day in excess of rs 20000 in cash, then it is problem to tenant, receiver of rent has no problem

tenant agree with rent paid to  landlord, there is no problem at all ( if there is no lease agreement between land lord and  tenant)

supporting of income not needed dear.. it can be said that rent received withour any documents ... for claiming expenditires there are always requirement of producing evidences....

He doesnot want to claim any expenditure. But still if the A.O has to be convinced, is there any way??

Originally posted by : preeti
	He doesnot want to claim any expenditure. But still if the A.O has to be convinced, is there any way??

its okay if he dosent want toclaim any exp. deduction... a.o. will be convinced..

purchase a rent slip book .

& Making month Payment Wise Bills

if Payment is more than 5000 .Stick 1 Rs stam ticket also.

what is the AO not convinced about? 

if he is concerned about the amount of rent received then that is not a problem as we have fair rent and municipal value to counter that

if he doubts about the property being let out on rent, then pls tell what exactly he is saying

Rental agreement wil serve. As it will contain the rent to be paid & even escalation clause for any hike in rent . In absence of rental agreement then Municipal Rental Value or Fair Rental Value Or Standard Rental Value as defined under rent control act might hold good.