Purchase of Farm or Agri land

Querist : Anonymous (Querist) 22 March 2011 This query is : Resolved
Dear sir,

I am planning to buy Farm/Agri land to do agriculture in big way. The cost of property may be nearly 80 lkhs. But I will borrow some money from others which may be unaccounted.( cash).

Is it have any legal problem, or it will treat like binami purchase? This purchase purely for doing agriculture by me.

Please confirm that I can buy in this way?

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M.Sheik Mohammed Ali (Expert) 22 March 2011
each in every one act legally as per law, otherwise its illegal so you make pronote to him that you borrow some of Rs. within period i will return.

bhagwat patil (Expert) 23 March 2011
this is not a place to discuss black money.in your que. it is not mentioned the status of a person from you r going to borrow if he is an agriculturist it is not called unaccounted money. it is your internal transaction do not mention it in purchase deed. it not mandatory to disclose the source of consideration in sale purchase deed.

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