Difference in "SALE AGREEMENT" and "SALE DEED" amount
This query is : Resolved
10 December 2020
Hi,
I am going to purchase a plot and then construct house using my Capital Gain Account.
The owner of the plot is asking to mention the total value in "SALE AGREEMENT" and "SALE DEED" to be different.
SALE AGREEMENT (AOS) will mention the Total Sale Value (e.g. Rs.70 lakhs)
ABSOLUTE SALE DEED (ASD) will mention the Guidance/Market Value (e.g. Rs.50 lakhs)
Is the above allowed and legal ?
Let me know by doing the above whether I can withdraw the total amount of Rs.70 lakhs and registration fee of Rs.3.25 lakhs from my CGA using FORM C & D ?
NOTE: ALL TRANSACTION THROUGH BANK ONLY (INCLUDING THE DIFFERENCE AMOUNT)
I am going to purchase a plot and then construct house using my Capital Gain Account.
The owner of the plot is asking to mention the total value in "SALE AGREEMENT" and "SALE DEED" to be different.
SALE AGREEMENT (AOS) will mention the Total Sale Value (e.g. Rs.70 lakhs)
ABSOLUTE SALE DEED (ASD) will mention the Guidance/Market Value (e.g. Rs.50 lakhs)
Is the above allowed and legal ?
Let me know by doing the above whether I can withdraw the total amount of Rs.70 lakhs and registration fee of Rs.3.25 lakhs from my CGA using FORM C & D ?
NOTE: ALL TRANSACTION THROUGH BANK ONLY (INCLUDING THE DIFFERENCE AMOUNT)
10 December 2020
By doing so you can't withdraw 70 lacs from CG account. Execute sale deed also for 70 lacs.
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