Immovable Property Purchase In Cash
Description
How to fill out Promissory Note Secured By Real Property With A Fixed Interest Rate And Installment Payments In Connection With A Purchase Of A Business?
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FAQ
Threshold Limit ? Cash payment exceeding Rs 10,000 to a person in a single day. The limit is extended to Rs. 35,000 in case the payments are being made for plying, hiring or leasing of goods carriage to a person in a single day.
The Union Government's 'White Paper on Black Money' also stated that real estate is a source of the production of black money. Real estate accounts for a whopping 11 percent of the GDP of the nation, ing to the study, and it is the largest contributor to the country's total black capital.
(1) No company (including a banking company), co- operative society or firm shall repay to any person any deposit other- wise than by an account payee cheque or account payee bank draft where the amount of the deposit, or where the amount of the deposit is to be repaid together with any interest, the aggregate of the ...
Cash Deposit Limit for a Savings Account as Per Income Tax Individuals who deposit cash into a savings account and accumulate INR 10 lakh or more during a fiscal year are required to notify the tax authorities. For those holding current accounts, this reporting threshold is elevated to INR 50 lakh.
Section 269ST states that no person shall receive an amount of Two lakh rupees or more, in aggregate from a person in a day; in respect of a single transaction; or. in respect of transactions relating to one event or occasion from a person.