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)
CAclubindia
