I am selling a site for 1 crore. I am receiving 60 lacs in check. How to declare remaining 40 lacs.
Can i declare entire 1 crore, even if the sale document tells only 60 lacs ?
Menu
How to declare cash received in propert sale
Replies (2)
You cannot declare 40 lacs cash in your ITR. You also cannot deposit the whole 40 lacs in bank. This is black money and cannot be disclosed. You will have to split it up in small portions and deposit in banks, deposit in PPF, invest in NSC, invest in gold, invest in insurance etc.
If you wanted to pay tax on 1CR why didn't you make the sale deed for that amount? If you want you can still pay tax on the stamp duty value if it is more than 60L.
Recent Topics :
- NIC codes for FIRMS registration of entity
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
Related Topics :
CAclubindia
