Sale price of property
Singh Kamboj (342 Points)
30 May 2021Singh Kamboj (342 Points)
30 May 2021
Gagan Gupta
(Chartered Accountant)
(161 Points)
Replied 31 May 2021
Sourav
(Student)
(23973 Points)
Replied 31 May 2021
CMA Poornima Madhava
(CMA)
(13082 Points)
Replied 31 May 2021
RAJA P M
("Do the Right Thing...!!!")
(115608 Points)
Replied 31 May 2021
Sivaramaraju G
(Learner)
(2369 Points)
Replied 31 May 2021
CMA Poornima Madhava
(CMA)
(13082 Points)
Replied 31 May 2021
If the transaction (receipt of 6 lacs) has not been carried through bank, then can 4 lacs be considered as sale consideration?
RAJA P M
("Do the Right Thing...!!!")
(115608 Points)
Replied 31 May 2021
CMA Poornima Madhava
(CMA)
(13082 Points)
Replied 31 May 2021
Here the querist has specifically mentioned that the property is sold for 6 lacs. So in that case, 6 lacs can ONLY be the sale consideration whether received in cash or through bank. Further, accepting cash would lead to violation of provisions of section 269SS and 100% penalty will be levied.
So in the above scenario, I don't think considering 4 lacs as sale consideration is legally correct.
Ritik Chopra
(student)
(8093 Points)
Replied 02 June 2021
According to me ₹600000 shall be considered as Sale consideration. If ₹4,00,000 is taken as sale consideration then Rs 200000 would be considered illegal.