One of our customers wants to build a house with Bank Loan. The margin money he iwants to pay in cash to the contractor and contractor will give him receipt which he will submit to the Bank as proof of payment. The total amount of Margin is approx.Rs. 15 lakhs. Wheyher payment of this much amout in cash is allowed in the prevailing tax rules. The entire payment wil be in a period of 1 year.
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Payment in cash to contractor
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not allowed. govt has disallowed to transact more than 2lacs in cash
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