cpc

can sale deed mention mode of payment cash deposit by seller ?


The seller want all transaction in bank account, but buyer don't have any bank account. Can he deposit cash after disclosing mode of payment as cash deposit in seller's account in the sale deed ? Or it is not permitted even after disclosing
 
Reply   
 

Seller can take only 2 lakh cash as per law.
Rest has to be paid in cheque or in any other bank transaction.
 
Reply   
 


Retired Manager

Yes, it's the proof of payment of consideration appearing in the Registered title deed. 

 

However, cash can be accepted upto only the permissable limit as per Income Tax Act.

 
Reply   
 
Lawyer

What is the problem in opening a new bank account by purchaser, which has become compulsory in contemporary times ?

What is the legal dispute involved in the procedural facts posted ?

 
Reply   
 
Retired employee.

The proper way is to abide no risk and safe way, and rules can not be bent to suit any one's specific requirement.  Purchasing  a demand draft for consideration amount and providing full details is the proper way to include in sale deed.

 
Reply   
 

Hello,

Cash transaction over and above the limit is not safe at all. It is better to avoid such transactions.

 

 
Reply   
 
ha21@rediffmail.com Mumbai : 9820174108

Originally posted by : Vijay shankar
The seller want all transaction in bank account, but buyer don't have any bank account. Can he deposit cash after disclosing mode of payment as cash deposit in seller's account in the sale deed ? Or it is not permitted even after disclosing

 

1. YES .... Seller can take Cash and Buyer can pay Cash for immovable property PROVIDED both the parties are ready for prosecutable offences under the Income Tax Act & PMLA.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

 

 
Reply   
 

if payment is in cash more than 2.00 lakhs entire amount will be taken away by the Government under income tax Act. Funnily this is applicable even to hospital bills !!!!

 
Reply   
 
Advocate

Any contract or condition in contract which is opposed to public policy renders it void.

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  


 

  Search Forum








×

Menu

IPC Grand Course     |    x