Sale of Property
This query is : Resolved
27 January 2011
Dear all,
I have a property which fatches Rs.35lakhs (Approx.)as sales consideration. Now problem is party is giving entire sales proceeds in cash. I want to buy a new property(viz. House Property). Now at the time of Purchase of new property, the opposite party demands cheque payment. How can I make cheque payment? (because I have sales prpceeds in cash from which I want to buy new property).
Kindly help me in this transaction.
I have a property which fatches Rs.35lakhs (Approx.)as sales consideration. Now problem is party is giving entire sales proceeds in cash. I want to buy a new property(viz. House Property). Now at the time of Purchase of new property, the opposite party demands cheque payment. How can I make cheque payment? (because I have sales prpceeds in cash from which I want to buy new property).
Kindly help me in this transaction.
Guest
Guest
(Expert)
30 January 2011
No problem. Deposit the case in bank and give the cheque and disclose sales receipts of Rs. 35.00 lacs while furnishing the return of income.
Guest
Guest
(Expert)
30 January 2011
But the same time, take care relating to provisions AIR
01 February 2011
But sir, person from i am receiving money will not reflect his purchase of property in Return of Income(ROI). Such case might come up for scrutiny. Isn't there any other way out?
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