Purchase of flat
This query is : Resolved
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.
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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
