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Onmoney
Please define ONMONEY........ so that its treatment can be thought of.
the onmoney is over and above the document value of the property
the onmoney is over and above the document value of the property
OK.
1. Was it paid by Cheque/cash? Note as per IT act, any cash payment above Rs. 20,000/- not allowed.
2. Do the purchaser has receipt for that onmoney? Without proper receipt he is not allowed to enter the payment in his books of accounts.
3. Why the amount was not added to document valuation?
the transaction was by mode of cheque for document value and cash was paid for onmoney.
the purchaser has admitted the payment of onmoney and paid the taxes.
the seller has filed the income tax return and shown only document value but not shown the onmoney received.
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