Real estate purchase

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22 Points Posted on 02 January 2023

I'm buying a property worth 1.09 crore. I have the white money of 90 lakhs and remaining in black. 

 

The seller wants 15 lakhs in white and 94 lakhs in black. 

 

Question

1) what happens when I withdraw 90 lakhs from my bank. Will it trigger any flag to income tax department due to large withdrawal?

 

2) in future if I deposit 90 lakhs in cash, will it tally ?

 

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On 02 January 2023 at 23:15 Report
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Quick Summary
This discussion addresses concerns about purchasing a property valued at 1.09 crore, with a significant portion of funds being 'black money'. The user is inquiring about the tax implications of withdrawing a large sum from their bank and whether future cash deposits would be flagged. Another user warns against black money transactions, stating there's a 100% penalty for both parties involved in cash property deals.

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SEO Sai Gr. Hosp.
121488 Points Posted on 03 January 2023

This is not the platform for black money transactions..

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On 03 January 2023 at 09:51
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GST Consultant
10402 Points Posted on 03 January 2023
I am really surprised you are openly asking this question. 100% penalty on both buyers and sellers on cash transaction on property.
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On 03 January 2023 at 10:40

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