banner_ad

Purchase of flat

This query is : Resolved 
Profile Image

Profile Image

(Querist)
15 August 2013 My first question is that somebody purchasing a flat for amount Rs. 90 lakhs. (Market Value)
But the actual value of that flats, as per circle rate Rs. 10 Lakhs, after approaching the seller, seller is agree to sale the flat on paper double the circle rate i.e. 20 Lakhs.
Know the question is that buyer is purchasing the flat @ Rs. 20 lakhs as a white (through cheque) and rest of the amount Rs. 70 lakhs as a Cash.
But, the problem is that the buyer has all amounts in Bank as a white. If buyer withdraws the entire amount as cash from Bank Rs. 70 lakhs. Can Income tax department ask, where is that money use. If they ask what is the solutions.
As per the present market without Black no body can purcahse the flats in white. Can they say we are giving the amount to individual as a Cash.
Profile Image

CA. Brijesh Baranwal

Profile Image

CA. Brijesh Baranwal (Expert)
17 August 2013 I think income tax is not concerned as how do you spend your tax paid money.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details