I am a retired government employee. My father was a farmer and used to survive on farming in a village. After my parents death, my younger brother has been involved in the farming. We are in total 3 brothers, wherein I am the middlest one.
I am gonna sell the share of mine in the land to one of the brothers son for some amount. They sale of this land is going to fetch me some market price of the land in cheque and the remaining price in cash. So supposed if this piece of land is gonna fetch me 20 lakhs, I will get like 10 lakhs in cheque and 10 lakhs in cash. This is the condition for the sale put forth by my brothers son. I am in dire need of money and hence going to further with this deal.
So this cash amount of 10 lakhs will be considered as black money? Is these types of cash transactions considered as black money? And if Yes, how to get it converted to white money?
Dear querist, you have not posted whether the land is ancestral or self acquired of your father. As your father is alive you cannot sell your share in the property. if you want you may ask father for partititon.
What if you are cornered financially and the only person who could buy this piece of land I own is saying he will pay the market value of land by cheque as per the document and the remaining part of the deal in cash. And this extra cash of this deal I want to declare it as my income. How can I do so? I dont want to miss on any taxes i am supposed to pay. I am a middle class retired government employee who need this deal to get completed but also do not want to evade any taxes. How can I?