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  1. Sravanthi B
  2. Second Hand Cars
  3. Saturday, October 07 2017
I am planning to buy a used Honda city car. I got a deal via the owner for 6 Lacs 2015 model in Delhi and I currently stay in Noida and he asked me to pay the entire money via cash. I feel something is fishy and hope it's not a stolen vehicle. Am I right or being confused? I am kinda 50-50 on this. Please help me.
Admin Accepted Answer

Yes - it is a fishy deal

1. There are some laws made post demonetisation in which any transaction above rs 2 Lakh has to be settled through Cheque / Draft. Making payment in Cash beyond Rs 2 Lakh can have serious tax repurcursions. Even the Government has set up 100% Penalty on people indulging in such practice.

2. Used Old Honda - which is 2 year Old - how will you disclose in books of making rs 6 lakh payment. There has to be some value in cheque which is supposed to be shown, it could have been better for 75% payment in cheque and 25% cash if both parties are okay subject to cash paid amount remains under 2 Lakh.

For more details - suggest to Google on section 269ST of Income Tax act
You will get on to details on same,

Should help !!

  1. more than a month ago
  2. Second Hand Cars
  3. # 1
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