I am lordlord and i made notarized rent agreement for my tenant of amount Rs 8333 per month but i am taking amount Rs 15,000 from tenant by cash. Tenant also agrees with this oral communication means no problem between me and tenant. But i wanted to know that am i safe from income tax department side and court-case side ? in which condition i treated as offender/defaulter ?
i made notarized rent agreement for my tenant of amount Rs 15,000 per month and not given PAN number, signed rent receipts from my(landlord) side to tenant with mutual understanding but in case tenant silently informed to income tax department that landlord is not not giving PAN then any action taken by IT deptt or court on me ?
If i mentioned maximum Rs 8,333 amount on rent agreement then i am safe. am i right or not ?