Sale agreement

aananth (Querist) 22 November 2016 This query is : Resolved
Dear Expert
I want to buy a house property (Land and single storey) in Tamilnadu 3rd grade municipal area. The agreement is to buy the property in February 2017 for a consideration of Rs 10 lac. Agreement will be effected in November 2016. As per current legal position how much money I can pay in advance and the balance I can directly pay him until February 2017 and proceed. Kindly guide me.

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Guest (Expert) 22 November 2016
Irrespective of amount you are Paying as Advance Let the Sale Agreement also be Registered so that Legally you would be Safe.Also Take EC before and after Registration of Sale Agreement

Rajendra K Goyal (Expert) 22 November 2016
Get the sale agreement registered.

Effect all payments through cheque / draft.

kavksatyanarayana (Expert) 22 November 2016
Get a deed of Sale Agreement from the buyer and get it be registered by paying stamp duty of Rs.20/- and registration fee at 1% on the total value or consideration or advance if given as noted in the Sale agreement. You shall pay the stamp duty at 7% on the marketvalue or consideration whichever is higher.

aananth (Querist) 23 November 2016
Thanks Experts Regards

Rajendra K Goyal (Expert) 23 November 2016
You are welcome.

Sankaranarayanan (Expert) 23 November 2016
I do endorse with experts

aananth (Querist) 24 November 2016
Dear Expert
Any ceiling on cash advance payment?
Regards

Rajendra K Goyal (Expert) 24 November 2016
Advance can be paid as per terms agreed from nil to full amount.

Cash transaction is restricted to the tune as per Income Tax guidelines.