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payal   23 July 2016

Property transaction in cash

HI,

We have sold a property on July 2016 59 Lakh.

Below are transaction Details.

1 Lakh - Cash Payment,

51Lakh -Bank Loan(buyer has taken)

7Lakh -  Cheque(buyer Accnt)

 The same is mentioned in the Buyer/Seller Agreement.

After this transaction, we came to know that there is a new Income Tax Act, while selling Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or morein cash from the buyer.

The buyer stays in another city, and all the property paper's are with bank.

Buyer is ready to take back cash, and pay in checque, but all the orignal paper's are with Bank.

What can we do in this case.

Regards,

Payal

 

 

 

 



Learning

 3 Replies

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India)     23 July 2016

Mam, 

 

You can call CA Karan Chandna at 9871563826 and discuss regarding the same. 

 

Warm Regards 

Kapil Chandna Advocate 

9899011450

Kumar Doab (FIN)     23 July 2016

Your own counsel and CA can advise you.

adv.bharat @ PUNE (Lawyer)     24 July 2016

CA will help you.


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