Capital gain
This query is : Resolved
shivali uppal
(Querist)
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 ????
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
ao will certainly ask in all cases for a agreement and the payment details both in cash and cheque.
Amol S Joglekar
(Expert)
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.
shivali uppal
(Querist)
24 November 2014
the main point is
is non reg. cash agreement valid ????
is non reg. cash agreement valid ????
Amol S Joglekar
(Expert)
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.
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.
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