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Viswanath (AML Executive)     14 September 2014

Cash payment for buying a property

Hi learned friends,

Request you to clarify my doubt with regard to the following:

 

I am a private employee and buying a property. When I approached a real estate company , to buy a plot, costing around 7 lakhs, and I agreed to pay the consideration in full by Cheque. However, company not agreed to this, and informed me that they will accept only 2 lakhs INR in Cheque and other amount to be paid in Cash.

I posted few questions to the MD of the company and they said something saying that they can accept cheque only till government value of the land in that area and other amount to be paid in cash.

Can any one please clarify, what will be the consequence for me if I pay 5 lakhs in cash and 2 lakhs in Cheque.

If I insist to pay full in cheque, company is not accepting. So what are the other measures for a common man to pursue this issue further.

What if the company only shows 2 lakhs on Registration document and what should I ask for other 4 lakhs payment? Are the receipts are enough to proove that I paid the amount of consideration to the company in full.

Appreciate your help in this regard.

 

Thanks & Regards,

 

Viswanath.

 

 

 



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