Cash payment

Querist : Anonymous (Querist) 28 May 2011 This query is : Resolved
Is it safe to pay through cash as booking amount,although the builder is reday to give money receipt.

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PALNITKAR V.V. (Expert) 28 May 2011
If the builder gives a valid receipt, there should not be any problem. But it is always safe to pay by cheque.

Querist : Anonymous (Querist) 28 May 2011
What do u mean by valid receipt?the party has already given the money receipt in advance and it was submitted to bank for loan of rest amount.Now he is asking cash.

PALNITKAR V.V. (Expert) 28 May 2011
Valid receipt is stamped receipt. Stamp as required by the stamp Act with proper details about the payee and signed by authorized person.

malipeddi jaggarao (Expert) 30 May 2011
If it is for initial booking, it is always safe to give through cheque/Demand Draft instead of cash. If cash only to be paid, he should mention the purpose in his receipt.

Querist : Anonymous (Querist) 30 May 2011
Why the builder is asking for cash payment?will he get some tax advantage if not given through cheque/draft/account transfer?He was saying he takes 10% in cash from every person.

bhagwat patil (Expert) 31 May 2011
No need of giving cash,pay only by cheque /draft/account transfer.he may not keep the cash receipt in account books.

Querist : Anonymous (Querist) 31 May 2011
But if he does not keep in account books,what could be my problem?

Guest (Expert) 01 June 2011
The intention of the builder seems to be not accounting the money to evade tax.

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