Raanjkumar (Prop) 25 July 2012
I am giving my flat on Leave & Licence to a foriegner. He does not have a bank account. He giving me deposit Rs.60,000/- & lease rent Rs.24000/- per month - all in cash. The agreement will be registered and it is mentioned that he shall pay in cash.
Is it ok with Income Tax rules if I accept cash as above ?
CA. Vikash Dwivedi (Chartered Accountant) 25 July 2012
yes it is , if there is a genuine reason for not having bnk acct and you can prove that the rent is 24,000 only and not more than that.
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