Hello,
I am about to fianlize Ready to move in Flat at Rs 80 Lakh from land owner share in reupted apartment complex at Bangalore.
But land owner is demanding Rs 25 lakh in as Cash amount (Black amount).
I plan to redeem some of my investment from Stock/FD/Mutual Fund, and withdraw the money from Bank.
I have two set of queries as explained below.
1) Would there be any IT scrutinity if i withdraw such a huge cash amount from Bank.
If yes, What is best way to withdraw Money from Bank to avoid any IT scrutinity.
2) To have more amount of loan eliblility, we are plannng transaction as below:
=> Make sale agreement of Rs 65 Lakh, means 52 lakh as loan eligibily (80 % of Sale agreement).
=> On agreement day pay Rs 13 lakh as Cheque, (which is required to serve as proof to be submitted to Bank for remaining disbursement)
=> And later pay Rs 15 lakh as Cash.
=> Once Bank approves the loan and readies the DD of 52 lakh, Seller (Land owner) gives me the chqeue of Rs 10 lakh to transfer to my account.
=> I would withdraw Rs 10 lakh from Account and gives as Cash to Land owner.
=> Would this be ok from Land owners a/c audit perspetive, as he has one in- entry and one - Out entry ?,
=> Could this be problem for my account audit , later when i Rs 10 lakh cheque is tranferred to my account and i withdraw Rs 10 Lakh. ?
Looking forward to your suggestion/feedback.
CAclubindia
