I am selling a plot of land for Rs 49 lacs and plan to invest 100% in a residential flat. Buyer offers to pay by cheque in 2 parts : Rs 24 lacs under sale deed per guideline or circle value and balance Rs 25 lacs also by cheque as development cost, compound wall etc outside sale deed. Ironically the Sub Registrar also discourages sale at price higher than guideline value as he says the land value in area will get inflated and middle class will be affected ! Almost all regitrations take place at guideline value and extra money is paid by cash but in my case the buyer is ready to pay extra by cheque at his risk. He is unconcerned about the risk of 5 times penalty of stamp duty evaded and risk of impounding of title deed. Is there any problem for me in accounting it as income from sale of plot of land and reinvest entire Rs 49 Lacs in house property? Is there any risk of IT department treating the payment of Rs 24 lacs received by cheque outside sale deed as not an income from sale of plot eligible for 54 F exemption and levy 30% Tax + SC ?
