Builder is giving normal printouts as reciepts- are these valid as per law?
renuka
(Querist) 25 November 2013
This query is : Resolved
Hi,
I recently bought a villa, have done all the payments, Builder is providing normal printouts as a reciepts which doesn't have any cst/apgst number, Lastly i made service tax and VAT, for these amounts also he printed all detail on white paper, given to me.
When i questioned him on the same thing he is saying that he doesn't have any reciept book,he is giving the same thing to every customer,
Are these normal printouts really valid ? as any one can create these types of printouts , I am not understanding how these are become valid as per law, I checked with others in the same community who bought the villas already, for them also he given same printouts.
Please suggest me on this,is there any specific guidelines in law on this.
Thanks
Regards,
Renuka
Devajyoti Barman
(Expert) 25 November 2013
Do not take any printouts if that does not bear his signature or seal.
Ask for at least e-mail confirmation.
T. Kalaiselvan, Advocate
(Expert) 26 November 2013
This is one kind of cheating or evading tax payments. You may insist on the authenticity of the receipts which if required in the future to be presented to the auditors for tax returns, will be of some use.
malipeddi jaggarao
(Expert) 26 November 2013
Are you paying the entire amount in white money? Normally they insist part payment by cheque or DD (white money) and part payment in cash to avoid tax. For the interim payments you make, they issue such type of receipts as they will account for the white money only. If it is his practice and if you have agreed for two methods of payment, there is no point of insisting for standard receipts at this stage. Ask him to give standard receipts at least for that part of amount for which he agreed to accept as white money. My suggestion is purely practical. Legally such transactions should not be entertained. If he has agreed to accept the entire sale consideration by cheques/DDs he will definitely give you the standard receipts.
ajay sethi
(Expert) 26 November 2013
agree with experts . insist on receipts be signed by builder and it should bear company seal .
Rajendra K Goyal
(Expert) 26 November 2013
Well advised by the experts, nothing more to add.
T. Kalaiselvan, Advocate
(Expert) 26 November 2013
If the payments or by way of cheques or Demand drafts, the non-isssuance of receipts towards the payments made will not have much impact on the transactions because a record has already been created for the transactions.
renuka
(Querist) 27 November 2013
I did all payments through cheques only, I will ask him to provide reciepts with company seal, And would like to understand are there any proper guidelines in providing reciepts.
Thanks alot to everyone for spending your valuble time in providing your thoughts.
Devajyoti Barman
(Expert) 28 November 2013
you are welcome. It is always better ti stay safe than sorry.
