24 November 2014
I PURCHASED 1ST HOUSE THROUGH REGISTERED AGGREMENT , IN AUG 12 I SOLD MY LAND THEROUGH UNREG. AGREEMENT WITH FULL PAYMENT WRITE IN AGREEMENT ABOUT TRANSFER OF POSSESSION IN JUNE 13 FOR CASH (SALE JUST TO HAVE CAPITAL GAIN IN A.Y 2014-15)
AND SET OFF CAPITAL GAIN AGT SEC 54 EXEMPTION THE MONEY RECEIVED IN CASH WAS USED FOR PURCHASE OF OTHER PROPERTY THROUGH UNREGISTERED AGREEMENT
CAN ITO OBJECT ANYTHING OR DECLARE IT SHAM TRANSACTION ????
24 November 2014
The transactions concerning immovable property are REGISTERABLE document as per Indian Registration Act. It attracts penalty for non registration. Be careful in doing so.
24 November 2014
01. Cash agreement may be valid so long as the parties to the agreement honour it. 02. If any of the parties knocks the doors of court, God save and forbid. 03. The more risk according to me is Indian Registration Act as it is directly affecting the Govt's Revenue.
CAclubindia
