sir as a seller of property i received a cash of more than 20000-00 thro cash as an advance by executing a agreement of sale , where in purchaser wants to pay part by the way of cash and part by the way of cheqe.after that i came to know /realised theat as per the present norms of income tax above 20000-00 is not permited. as a seller what shall i do? go for executing supplemental agreement,by; cancelling the existing agreement by repaying the cash received?
The amount is more than 10 lakhs
