I purchased a property with total value of Rs. 51,87,000. The builder has made 2 agreements, one sale agreement for Rs. 29,82,900 and another construction agreement for Rs, 22,04,100.
While I made initial down payment of Rs. 10,37,400 (individual cheques for 50,000 + 1 lac + 4.5 lacs + 2 lacs + 2,37,400), builder showed Rs. 50,000 as payment made towards sale consideration in the sale agreement and Rs. 9,87,400 as payment made towards
construction cost. For the balance amount of Rs. 41,49,600 a bank loan has been taken and the banker has already released a payment of Rs. 32 lacs.
While drafting the sale deed, the builder shows only the value of Rs. 29,82,900 as sale consideration (same as in sale agreement). Since banker has made
released 1st loan disbursement through a single cheque of Rs. 32 lacs, the satisfaction of sale consideration is shown with Rs. 50,000 (part of my down payment) with cheque particulars and balance Rs. 29,32,900 is shown amount received by seller in full and final settlement of sale consideration without any cheque details.
1. Is it correct to show only sale agreement value in sale deed?
2. Whether as a purchased, I'm liable to pay 1% TDS though sale and construction cost are represented through different agreement but sum total exceeds Rs. 50 lacs
3. If the cheque details of Rs. 32 lacs is shown in sale deed, is it appropriate to show 32.5 lacs as sale consideration in the sale deed?
4. As banker would release another payment of Rs. 9,49,600 at the time of property registration, would it have to be shown only against sale consideration value mentioned in sale deed?
