Sale of Property

[Guest]

Dear Experts,

If i sale my property worth rs.20 lakh and brokerer give me money in cash then what was it implecation in terms of income-tax / bank, security etc

Awaiting your valued feedback in this regard.

 

[CAGOPALJI AGRAWAL]

There is no restriction on getting payment of property in cash mode.

AI Summary

Cash payment for property sale permitted; ensure tax reporting, banking compliance and maintain transaction proof. Receiving sale consideration for immovable property in cash is not statutorily prohibited; however, sellers remain subject to tax reporting duties, banking disclosure and recordkeeping requirements, and should preserve documentary evidence of the sale and receipt.