dear learned advocates,
I am selling my flat for 53 lakhs.
The sale deed value would be around 40 lakhs as per the govt rates which will paid through cheque.
can I take the balance of Rs.13 lakhs in cash.
kindly advice soon your legal views.
Best regards
payment restrictions as per I.T. Rules follows.
20,000 or more in cash a) for any loan or deposit or b) any amount in relation to transfer of any immovable property (even if transfer does not take place). purpose is still outstanding to be repaid, then the overall limit of Rs. 20,000/- will apply to the outstanding amount plus any subsequent receipt in cash.
