How to deposit money in bank, get from selling house

This query is : Resolved

Swati Soni (Querist)
Follow

27 December 2017 Hello, plz help I want to know

If someone selling house at 30 lakh, but seller don't pay tax as not earning that much.
But The buyer asking to pay amount 19 lakh only via cheque, acc to registrar guideline of land, and the remaining amount around 11lakh via cash.
I want to know how to show the whole amount 30 lakh white money in bank while depositing???

What is the legal procedure for this in selling property, and to depositing that money in bank account?

Z (Expert)
Follow

27 December 2017 No Legal way.
You are already breaking many laws including Income Tax Act.

Swati Soni

Swati Soni (Querist)
Follow

27 December 2017 Please tell me the way acc to law, I don't know that much about income tax act, wht I asked was told by buyer, please tell me the legal way to deal with buyers.

Dibin Divyakumar

Dibin Divyakumar (Expert)
Follow

28 December 2017 If you are selling the property for 30Lacs, show the same in stamp paper & collect the full amount through bank. compute you capital gain based the period of holding & cost at which you purchased of the property. pay tax & file your return.

Message likes : 1 times

Swati Soni

Swati Soni (Querist)
Follow

28 December 2017 Thnku dibinsir, plz tell me the tax percentage and procedure to fill the return

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now