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Raanjkumar (Prop)     25 July 2012

Cash receipt leave & license

I am giving my flat on Leave & Licence to a foriegner. He does not have a bank account. He giving me deposit Rs.60,000/- & lease rent Rs.24000/- per month - all in cash. The agreement will be registered and it is mentioned that he shall pay in cash.

Is it ok with Income Tax rules if I accept cash as above ?


 1 Replies

CA. Vikash Dwivedi (Chartered Accountant)     25 July 2012

yes it is , if there is a genuine reason for not having bnk acct and you can prove that the rent is 24,000 only and not more than that.

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