Sale of Property and the Payment Mode

This query is : Resolved

gk (Querist)
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01 December 2020 Dear Experts/Peers,

Good Evening to you!

I am on a discussion with the buyer on the subject matter. Since even professionals opinions also got confused I wish to post this in this forum to have a clarification.
The deed is for seventy lakh Indian Rupees. Seller is my wife (I have gifted the same to her) and the buyer is having some conditions as 30 lakhs will be shown in the sale deed and paid the same by DD. The balance amount will be transferred through RTGS either to my account or to those multiple accounts I wished to transfer.

Please let me know what the buyer meant by such transactions (on legal point of view) and how I could account this one? Whether the amount transferred (40 lakhs) through RTGS to those accounts (I preferred the amount to be transferred to some of my closed relatives/friends including my two daughters whichever is feasible) ALSO will be considered as legal/white money transactions since only 30L has been specified in the sale deed.

Please let me know what sort of legal/IT issues will arise on above deal and whether that 40 lakhs also been considered as white money transactions ? - in that case how could be deal this matter without such issues?

Thanking you,
Regads
gk