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Can buying a new car through cash be a problem
02-Mar-2023 (In Banking / Finance Law)
i have a small shop, i want to buy a car worth 4.4 lacs, will it be any problem if i buy it in cash
Size of the shop does not matter, it is the nature of business which is important. Further, your business transaction with the banking system will determine your accounted business.
As per the new finance ministry circular accepting cash above Rs. 3 Lacs is prohibited. Therefore, I would advise you to opt through the banking system. Either a car loan or a bankers Draft/RTGS/NEFT Etc. You will any case have to also account for the cash you have.
As per the new finance ministry circular accepting cash above Rs. 3 Lacs is prohibited. Therefore, I would advise you to opt through the banking system. Either a car loan or a bankers Draft/RTGS/NEFT Etc. You will any case have to also account for the cash you have.
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Adv. Shekhar Raj Sharma
Delhi | 100+ Answers
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Nothing is problem in that if you have explanation in case if taxation departement raise any query how you arrange such amount then no need to worry about. 4.4 lack is very small amount any one can arrange these from the saving of last 2 to 3 years of receipts.
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Adv. Devesh Kumar
Delhi | 25+ Answers
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