Rinki Sarkar 10 September 2022

Can i accpet cheque payment for selling my flat?

I am selling my flat in Jamshedpur for Rs. 20 lakhs. The buyer insists on making the payment through cheque (no bank loan).

Can I accept cheque payments with no legal restrictions? Is it safe to accept cheque payment or what is advised?

Reply Follow

6 Replies

Advocate Bhartesh goyal (advocate) 10 September 2022

You may accept sale consideration through either banker's cheque or RTGS but don't accept customer's cheque as it may be dishonoured.

2 Like

Dr J C Vashista (Advocate) 11 September 2022

I concur opinion and advise of expert Sh. Bhartesh Goyal.

However, even if vendee insists upon cheque payment, get the same honoured, realised and transferred in your account before execution and registration of Sale Deed.

1 Like

H.JanakiManohar Rao (lawyer) 11 September 2022

Say no to personel cheque.Ask for credit of amount to your bank a/c or banker cheque or cash.

2 Like

Sidhhi 11 September 2022

Don't take risks in today's time and insist on bankers cheque or NEFT to avoid any problem. Give keys only after realisation of funds in to your account.

1 Like

Rinki Sarkar 24 September 2022

Thank you all for the quick response. Will there be any tax implications for receiving the payment through Rtgs, NEFT or banker's cheque?

Dr J C Vashista (Advocate) 25 September 2022

Contact and consult a tax consultant after closing this thread as you have adequately been advised for non-disputed issue.

Even if there is any other / funther query it is advisable to engage and consult a local prudent lawyer as you are getting benefitted with a huge amount by selling the subject property.