Bank loan regarding
pushpakrishna
(Querist) 13 November 2014
This query is : Resolved
Dear Experts,
my salary is 1,30,000/- pm before tax deduction. Recently i approached a builder to purchese a flat and accepted for the same. i am ready to pay through a bank by getting Housing loan for which my bank also accepted to give the loan.Flat value is 40,00,000/But registration value at bangalore 28,00,000/-but seller is demanding the amount 12,00,000/- in cash. I dont want any problems for either side.what ever amount is i want to pay through a D.D or cheque.Hence i request you all the Experts give me a suitable advice in this regard in the best interest of the BOTH and BOTH(Buyer and Seller ) should not suffer in ANY MANNER in future. Thanq. Even bank also accepted to give loan of Rs.40,00,000/- for us.Thank you.
ajay sethi
(Expert) 13 November 2014
insist on making full cheque payment . when you are getting bank loan of Rs 40 lakhs pay by cheque only . no cash payments
Guest
(Expert) 13 November 2014
Perfect advice by Shri Sethi! If you don't have sufficient legally valid evidence of payment of Rs.12,00,000/-, besides tax complications, you will be a great loser at some later stage in case of any dispute with the builder.
ajay sethi
(Expert) 13 November 2014
thanks dhingraji
Guest
(Expert) 13 November 2014
You are welcome Sethi ji.
Rajendra K Goyal
(Expert) 13 November 2014
While I agree with the expert ajay sethi ji, it is added that Bank would not agree for loan of Rs. 40 lacs for purchase of 28 lacs.
If you need to sell the property after some years, your liability towards capital gains would increase as black money paid in cash would not be accounted for..
R.K Nanda
(Expert) 13 November 2014
professional query.
