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Sayed Maqsood Ahmed   10 December 2022

sale of flat in maharashtra

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


Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     10 December 2022

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.

Sayed Maqsood Ahmed   10 December 2022

Many thanks sir 

Best regards 

SRIPRAKASH BHATTACHARYA (RETIRED)     13 December 2022

Probably not at all. Doing so you may land up in deep soup. However, suggest to contact a CA, who is registered with the ICAI and shall opine in writings. Parallely you may search ITax rules in Google or www.incometax.gov.in

Sayed Maqsood Ahmed   13 December 2022

Dear Sir

Thanks for valuable information and your advice 

Best regards 


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