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s..i..n..g..h.. (member)     10 November 2010

can i transact more then 1 lakh cash to buy someting

what is the legal aspect of transacting cash of more then one lakh

what are the rules

will i violate any law if i do such transaction



Learning

 5 Replies

layeeq Khan (Law Student)     11 November 2010

why? you have black money there? :P

Democratic Indian (n/a)     12 November 2010

One would be worried about such questions, only if someone is transacting in stolen or looted cash, goods etc. Otherwise were is the problem? People are more worried about protecting their hard earned cash from the robbers and dacoits than from the law. Law is always on the side of people respecting the law.

s..i..n..g..h.. (member)     13 November 2010

actually the person who is selling is insisting for cash

Satya Narayana Palukuru (Advocates & Mediators.)     13 November 2010

Income tax laws says more than Rs 20000/- transaction you should route through bank or cheque.

verfy with your tax consultant


(Guest)

use  NEFT utility for transaction online upto 1,00,000/-

over and above use RTGS

other cash transactions  you are accountable to the source and IT and PAN mandatory

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