I am a retired government employee. My father was a farmer and used to survive on farming in a village. After my parents death, my younger brother has been involved in the farming. We are in total 3 brothers, wherein I am the middlest one.
I am gonna sell the share of mine in the land to one of the brothers son for some amount. They sale of this land is going to fetch me some market price of the land in cheque and the remaining price in cash. So supposed if this piece of land is gonna fetch me 20 lakhs, I will get like 10 lakhs in cheque and 10 lakhs in cash. This is the condition for the sale put forth by my brothers son. I am in dire need of money and hence going to further with this deal.
So this cash amount of 10 lakhs will be considered as black money? Is these types of cash transactions considered as black money? And if Yes, how to get it converted to white money?