Really , in a big trouble !!!
Respected Members,,Please help me ,,,
My client is a Surveyor ( of LAND in West Bengal ) , during the f.y 2012-2013,
3 persons ( suppose X, Y, Z ) came to my client with a motive for sale of their own land at an agreed value of Rs 4.5 lacs ( approx ) but in a different Way...
1) FIRST of all , they ( X,Y,Z ) made a Power of Attorney on behalf of my client for sale of their own land to a third party ( Suppose -- A ) .
For which,
2) Initially, they ( X,Y,Z ) agreed to COLLECT a lum sum amount of Rs. 4.5 lacs (cash) ( which stated above in first para ) from my client .
Then, after 2-3 months ,
My client sold the land to a third party at a price of Rs. 6.75 lacs ( approx ) & the whole sale proceeds credited into my client's bank account .
Gist:
1) Actual owner of land -- X, Y, Z .
2) X,Y,Z received a lum sum amount of Rs 4.5 lacs from my client BECAUSE OF POWER OF ATTORNEY HANDED OVER TO MY CLIENT ..
3) My client sold to a third party .
My Question :
1) Rs. 6.75 lacs -- Not an income from Profession ( as SURVEYOR ) .
2) Rs. 6.75 lacs -- Not a genuine sale proceeds of Land .
3) Rs 6.75 lacs -- Not a brokerage income ..
4) Rs 6.75 lacs -- Not a commission income ..
What should I do ???????????????
Please response, as early as possible ..
Thanks..
CAclubindia
