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Can we give Rs.1.00 lakh cash to the seller?
05-Apr-2023 (In Property Law)
i have purchased a property at the rate of Rs.32.00 lakh. I have applied loan from bank which has been approved. in this regard i have given rs.1.00 lakh cash to selller. but now documentation lowyer apprised me that you cannot give more than rs.20000/- cash to the seller
See there is nothing wrong if the case paid in cash was of a valid earned money by you and you can prove it that it was a legally earned by you and not of No 2 money.
Though preferably all transactions done in cash is having barrier of Rs 20k but in certain special transactions where bank transactions can not be easily held it is permitted.
Note, any amount transaction in cash which is given from a legal source is a valid transaction.
Though preferably all transactions done in cash is having barrier of Rs 20k but in certain special transactions where bank transactions can not be easily held it is permitted.
Note, any amount transaction in cash which is given from a legal source is a valid transaction.
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Adv. Anand Bali
Delhi | 100+ Answers
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What is the process of paying by cheque?
The cheque is a piece of official paper that your bank issues to you. Its a little like an IOU. After the company or person pays your cheque, the bank of the other party will ask your bank to transfer the money. This usually takes between one and two business days.
Can I buy property with cheque?
Property buying and selling requires a lot of caution and wisdom. To ensure that you understand the nuances of purchase and sale, and to protect part payments, it is necessary to sign a contract to sell. It is always best to pay by cheque.
How do I write a cheque payment?
Information about the bank: The check contains the name and address of the financial institution.
IFSC is a 11-digit unique code that is a combination between alphabets and numerals.
Payee Information: Here, the name of the payee must be mentioned.
Date box: Enter the date, month and year.
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