Sell and purchase property in cash
Querist : Anonymous
I have a residential plot and i want to sell this plot to my real brother and received Rs. 70 Lakh in cash and sign a release deed because Stamp duty not applicable on Release deed in Haryana and ownership transfer will done by this release deed. And from that 70 lakh i want to buy a agriculture land and pay all cash of Rs. 70 lakh and registry will done is it safe kindly guide
Querist : Anonymous
And when i deposited cash in my bank account then I.T. Dep. ask me for that cash depositded of 70 lakh, then i show that gift deed that my borther give me as gift deed while my brother have not shown so much income (70 lakh) in previouse years
And if i am pay in Cash all 70 lakh for purchase of agriculture land then the detail of Registry of land send to Income Tax Dep. because it is above Rs. 30 lakh
Is it ture that registry above Rs. 30 lakh send to Incme Tax Dep ?
Kindly guide how to do this transaction
Thanks in advance
Querist : Anonymous
then how to do this transcation because i have to receive all money in cash ti avoid tax then how to pay all cash to third person from i am going to purchase agriculture land
if i pay all in cah then the registry infomation goes to I.T. dep. since above Rs. 30 lakh
And when the third person deposited all cash in his bank account the he said that he sold agriculture land which is tax free so he is clear from I. T. Dep. but can I. T. Dep. reach to me from the basis of his bank account that how i m purchase the land
kindly advise
Querist : Anonymous
basically i have to received all cash (70 lakh) from my brother and have to purchase land in cash then how to do this transaction so that I.T. Dep. Can not reach to me ?
i am confusion that when the third person deposited the cash (70 lakh) in his bank account because he is tax free because agriculture land sell but can I.T. Dep. Reach to me on the basis of his bank account or on the basis of registry that who purchase the land in cash?
Kindly guide me
Thanks in advance
Querist : Anonymous
i m already received all cash (10 Lakh on dated 28.08.2015 and 60 lakh on dated 02.09.2015) Now i have the cash (70 lakh) And want to Invest in agriculture land Only
so because i sell residential plot and want to invest in agriculture land only there is no exemption, for that case to avoid capital gain tax and i do not want to pay tax
and if i pay all this CASh ( 70 lakh) to the seller to whom i purchase agriculture land and registry will be done (No PAN card will be required at the registired office at time of registry) because he is comfortable with all cash since agriculture land is not taxble but when he deposited this all cash in his saving bank account then I.T. Dep. maybe ask to him, In that case he is clear from I.T. Dep.
but my question is that can I.T. Dep. reach to me on behalf of his bank information (cash deposited information) or by way of land registry documents.
Is there any possibilty of income tax notice to me
kindly help and advise
Querist : Anonymous
and registry will done surly
but the registry deed mentioned the amount Rs. 70 lakh then the infomation send by the tehsildar to I.T. Dep. because it is above Rs. 30 lakh
and another question is that when he deposited this all cash in his saving bank account then I.T. Dep. maybe ask to him, In that case he is clear from I.T. Dep.
but my question is that can I.T. Dep. reach to me on behalf of his bank information (cash deposited information)
kindly advise i have to do this transaction in next week
Querist : Anonymous
wating for your valueablr advise
1. can I.T. Dep. reach to me on basis of
seller bank infoemation when he is deposited all cash in bank given by me
2. can registry information f above Rs. 30 lakh send to I.T. Dep.
what should i do
i have cash and only want to invest in agricu;ture land without paying tax because the amount is smaller and i have to pay all to the seller of agriculture land
kindly advise
Querist : Anonymous
is there any way to do this transaction
2 Yes registry information above 30 lacs sent to IT dept.
Pay the applicable taxes maximum 30% and buy the property to have a peaceful life.
Querist : Anonymous
this means by way of seller bank account information (because deposited of 70 lakh in cash) I.T. Dep. send notice to him and he says he sold his agriculture land then I.T. Dep. ask who is the purchaser he give my name and then notice send to me about the cash that from where i got that money in cash only on the basis of my name and at time if i m saying that i not gave this money to him then
on someone says to me that on basis of his account information I.T. Dep. not send notice to you
so i do this or not
Querist : Anonymous
Querist : Anonymous
1. but still my question is that what are the possibilites that I.T. Dep. reach to me on the seller account Information
2. or if i already receive cash by sell of plot and sign the release/transfer deed on which transaction value is shown ZERO.
No stamp duty paid on registy time of plot
then how to pay tax since i m not sold the plot only release or transfer deed i sign
but in actually i received money cash ( 70 lakh)
so tax payable on what basis
I.T. Dep. says it is sale or what
kindly guide
Making cash payment beyond 20,000 for buying property.
Querist : Anonymous
1. but still my question is that what are the possibilites that I.T. Dep. reach to me on the seller account Information
2. or if i already receive cash by sell of plot and sign the release/transfer deed on which transaction value is shown ZERO.
No stamp duty paid on registy time of plot
then how to pay tax since i m not sold the plot only release or transfer deed i sign
but in actually i received money cash ( 70 lakh)
so tax payable on what basis
I.T. Dep. says it is sale or what
kindly guide
Questions will be asked about source of income for buying the agricultural land. If you prove the source no problem.
Gone are the days such transactions escaped the notice of IT dept. Now IT dept tightened all screws no escape.
Querist : Anonymous
so advise me i have to pay tax on sale basis or what
Querist : Anonymous
will hey agree that since i sign release deed not a sale deed
or how to pay tax if i sigh release deed
pay tax on sale basis or what
kindly advise
Querist : Anonymous
as you know sir i m already received cash and sign release deed so when I.T. Dep. ask should i say i slod the plot
will hey agree that since i sign release deed not a sale deed
or how to pay tax if i sigh release deed
pay tax on sale basis or what
kindly advise
Querist : Anonymous
Querist : Anonymous
kindly advise
You are confused with too many views.
Querist : Anonymous
Querist : Anonymous
kindly advise
Querist : Anonymous
is there any way so that i can reduce changes that I.T.Dep. ask quection to me in i pay cash for purchase and he deposited cash in his account because if i treat this as other source then they ask the source than i have no answer or they can forfited all money
kindly advise
Querist : Anonymous
in very short i have alredy received cash (70 lakh) and only want to purchase agriculture land
and if i have cash then i have to pay in cash and registry will done without pan card no problem
but when the seller deposited cash in his bank account then what are the possibility that i receive notice to I.T. Dep.
and how to pay cash to him so that i can minimize the possibility of I.T.Dep. notice
kindly guide this is urgent
Querist : Anonymous
Querist : Anonymous
Querist : Anonymous
i know notice sends but still i have no options advise me how to minimize possibilities of I.T. Dep. notice if i purchase in cash because i have cash only it is right that he say to seller that he deposited this cash (70 lakh) in different - differnet accounts in i.e. 7 lakh in ten accounts or done the registry in circule rate which is less than 30 lakh
it is right
Querist : Anonymous
thanks for all reply but one more last question
01. firstly how I.T. dep. know that i purchased in cash
02. and secondly i do this transaction in this month if thay reach me after 2-3 years and ask me for penalty, tax, interest, at that time i will not able to pay because i have not bank balance at that time only have that land which i purchased in cash right now then what income tax do if i not paid because i have no money at that time can I.T. dep. seal that property if i m not able to pay
03. or it is safe to transfer the property to my son so that i have no property and bank balance in my name at that time then I.T. Dep. What do?
kindly advise
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