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Real estate purchase

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Narayanan Kuppuraj

2 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 ?

Replies (2)

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.