Rights and responsibilities of a seller of the property
This query is : Resolved
21 July 2022
I intend to sell my apartment for Rs.2 crores and the buyer is offering cash of Rs.60 lacs and the balance in cheque and agrees to register the property for 1.4 crores. I will remit the cash of 60 lacs into my bank account and declare as sale proceeds and calculate capital gain on total sale value of 2 crores and pay Capital gain tax on the total sale value of Rs.2 crores after indexation. Am I complying with all legal formalities? The registration department has agreed to register the flat for Rs.1.40 crores as per the guideline value of Govt. As a seller Will I encounter any problem with Registration department. Can any one clarify this
21 July 2022
You can register the property for 1.40 crore no problem.
But you can't accept cash payment for sale of property. Equal amount of 60 lacs penalty will be levied for accepting Cash payment in excess of 2 lacs under section 269ST.
But you can't accept cash payment for sale of property. Equal amount of 60 lacs penalty will be levied for accepting Cash payment in excess of 2 lacs under section 269ST.
21 July 2022
Thank you Mr Seetharaman for a candid reply. Can you also clarify what will be penalty amount if I accept the cash of 60 lacs?
21 July 2022
It's equal amount of 60 lacs penalty besides taxes.
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