Cash payment - valid or invalid

rajendrathakor (Querist) 08 December 2012 This query is : Resolved
Dear sirs

I want to purchase agriculture land.should I pay whole consideration in cash? or What are the consequences to me if I pay cash to sellers? What precaution I should take into account to pay cash?

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Devajyoti Barman (Expert) 08 December 2012
Cash is valid mode of transfer of money. You can safely make payment through cash on receipt of written acknowledgment.

R.K Nanda (Expert) 08 December 2012
better pay by cheque.

Raj Kumar Makkad (Expert) 08 December 2012
If the full amount is going to be mentioned in registered sale-deed, there is no harm to do so but you should have valid source of payment.

rajendrathakor (Querist) 09 December 2012
thanks for reply,
But should I acknowledge the receipt of cash payment by all of the parties in 7/12 entries? Or Is it sufficient that only single person should acknowledge it?

prabhakar singh (Expert) 09 December 2012
All should acknowledge.

Raj Kumar Makkad (Expert) 09 December 2012
It shall be better if all buyers do put their signature on the receipt of the amount so as to avoid any future complications.

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