Cash sale of property

Debabrata Gupta (Querist) 07 June 2015 This query is : Resolved
I am a senior citizen in retired life. I want to sell my flat now. Can i sell it in cash?

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R.K Nanda (Expert) 08 June 2015
do not take all amount in cash.

Guest (Expert) 08 June 2015
Depends upon whether the amount of sale proceeds is fully accounted for and due tax is paid by the buyer and also you, as seller will have to ensure proper accounting of the proceeds and payment of due taxes, if not to be invested in further property transaction. Otherwise, cash transaction on any day should not exceed Rs.20,000/-.

Anirudh (Expert) 08 June 2015
If you want a peaceful retired life, do not do any such wrong things by taking amount in cash. It is against Income Tax laws.

Why do you want to sell it for cash? What is the reason?

Guest (Expert) 08 June 2015
In addition to the valuable advice of Shri Anirudh, it must also be known to you that huge cash proceeds can become a big source of tension for you to handle that, rather can also prove danger to your life or to attract uninvited relatives and friends, undesirable criminal elements around you with their unwarranted demands or threats.

Rajendra K Goyal (Expert) 08 June 2015
Taking sale proceeds in cash in huge amount not advisable. You may have to face Income Tax problems.

Dr J C Vashista (Expert) 10 June 2015
What do you intend to take cash for consideration?

Biswanath Roy (Expert) 17 June 2015
There is no legal bar to accept entire sale proceeds of the flat in cash currency but the receipient shall have to issue MEMO OF CONSIDERATION along with the Deed of Conveyance mentioning currency note denominations in details. A senior citizen can enjoy the benefits of cash receipts by giving a lawful explanation that he needs cash to meet his medical expenses and paying debts etc. because he is unable to move to the Bank of and on for withdrawing cash money in his need.

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