Property deal - plz guide

Priya Malwadkar (Querist) 02 April 2012 This query is : Resolved
Sirs,

I am buying a flat. But agent asked us to pay 50% amount in cash n 50% to show in agreement. e.g. if the flat is worth Rs. 20,00,000/- then they are asking us to pay 10 Lac in cash n to make an agreement of Rs. 10 Lac. Is it fine to do that??? will there be any problem in future because of this??? plz guide.

Rgds,

Priya.

Follow Query

Report Abuse

ajay sethi (Expert) 02 April 2012
dont buy the flat . 50%^cash payment is too much . insist on full cheque payment .

we cant on this site advise you to flout the law .

Nadeem Qureshi (Expert) 02 April 2012
YES i AGREE WITH MR. SETHI

V R SHROFF (Expert) 02 April 2012
You pay Cheque Amount of App 1L, and ask to Register the Sale Deed. Complete the deal on actual possession . Your Sale deed will be of Rs. 10L only. for all purpose. Let ur Advocate handle everything, including Keys of Flat/ all prior Link Age etc keeping in escrow .

Usually that is the practice. If done thru Advocate then no problem .

Priya Malwadkar (Querist) 02 April 2012
OK Sir... Many Thanks for your valuable advise..

Shailesh Kr. Shah (Expert) 02 April 2012
If you agree and do this practice then it Would be evasion of stamp duty as well as income tax.

So take deciesion own that do right thing.