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Refund from builder in cash Rs. 500 and Rs. 1000 notes is it legal
27-Nov-2023 (In Property Law)
I have purchased a flat from a builder in nov dec 2014. later I came to know that the project is illegal. Now the builder wants to build the project at some other location. But I have decided to not opt for that and take my money Rs 700000 back which I have paid to him in some amount in cash, cheque and NEFT in 2014. Now the builder is telling me that he want to return the whole Rs 700000 in cash with Rs 500 and Rs. 1000 notes. Can I accept that???? And deposit all that money in my bank account. Will I face any problem with income tax??????? I have all the receipts given by builder when I paid him the money?????
Please ask him to give the above in writing that he is returning back your money in the old notes.
Also ask him to give the number of all the notes when he returns.
Also ask him to give the writing that he got money from you in 2014 by cheque and neft.
Also ask him to give the number of all the notes when he returns.
Also ask him to give the writing that he got money from you in 2014 by cheque and neft.
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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If you have all the receipts of each and every payment (including the Black Component), you have a right to receive the money, even in old currency(which is not a legal tender w.e.f from 8/11/16). However you must be vary of the tax implications as your source of income of Rs. 70,00,000/- can be investigated by the Income Tax Department. If your IT Returns, Books of Accounts are properly maintained you have no reason to fear anything. If you dont have proper records, income tax , books of account and no fair and just source of income you may land in trouble.
I hope i make myself clear
Take Care
I hope i make myself clear
Take Care
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Adv. Mrinal Pillai
Mumbai | 25+ Answers
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Hi,
At present the said Old notes are not to be tendered Legally.
Hence you can not receive that money legally and when it is not legal it could cause future complications to you.
You can always take cheque in return.
At present the said Old notes are not to be tendered Legally.
Hence you can not receive that money legally and when it is not legal it could cause future complications to you.
You can always take cheque in return.
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