Under the Banning of Unregulated Deposit Schemes Act, 2019, advance received towards immovable property…
Section 2(4)(l) excludes business receipts "bearing a genuine connection to such business", including an advance towards an immovable property that is adjusted against that…
Choose your answer
Under the Banning of Unregulated Deposit Schemes Act, 2019, advance received towards immovable property is excluded provided:
Answer and explanation
Correct answer A
Section 2(4)(l) excludes business receipts "bearing a genuine connection to such business", including an advance towards an immovable property that is adjusted against that property as the agreement or arrangement provides. The Act sets no percentage cap of the kind found in section 13 of the Real Estate (Regulation and Development) Act, 2016, and does not require registration.