BUYING A PROPERTY WITH CASH – TRANSACTIONS ABOVE RS.20,000/- MUST BE ONLY THROUGH CHEQUES AND DEMAND DRAFTS.


THE GOVERNMENT HAS FINALLY COME OUT WITH A NOTIFICATION RESTRICTING THE TRANSACTIONS IN THE PROPERTY IN TERMS OF CASH BY PERMITTING IT TO RS.20,000/-. ANY AMOUNT PAYABLE OR TO BE PAID MUST BE ONLY THROUGH AN ACCOUNT PAYEE CHEQUE/DEMAND DRAFT/PAY ORDER/BANK TRANSFER/RTGS.

THE TRANSACTION IN CASH INVOLVES HIGH RISK AND THE BUYER WILL BE AT THE MERCY AND  in THE CLUTCHES OF THE SELLER/AGENT/BROKER AND THERE IS ALWAYS A CHANCE FOR THE INCOME TAX SCRUTINY.

IT IS ADVISED TO TRANSACT ONLY THROUGH BANK TRANSFER/ACCOUNT TRANSFER/RTGS/DEMAND DRAFT AND CHEQUES TO AVOID FRAUD AND BLACKMAIL BY THE SELLER AND HIS AGENTS.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s