Intellectual Property Rights: Practice and Drafting by Adv Gautam Matani. Register Now!
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sangeeta (Govt. Service)     10 April 2012

Purchase of land by illegal builders

Two illegal builders bought a property in one crore and made payment through two DD of Cental bank worth 50 lakhs each.  they have registered that property and paid total duty of Rs.6 lakh.  though their transaction seems fare but are they answerable to Income tax Department as to where from they have gathered this Rs.1 crore if they have no valid and legal source of earning.  AS theire job is to make builder flats and sell them.  is payment through DD has made their whole transaction white and leave no question to be asked from them.


 3 Replies

A V Vishal (Advocate)     11 April 2012

Not necessarily

felicitie bal (none)     12 April 2012

Buying that land will cause you a problem.

Vineet (Director)     13 April 2012

There is nothing called legal or illegal builders.


Legality or illegality is transaction or project specific.


IT authorities have all reasons to question source of payments.

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