Upgrad LLM

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.

 
Reply   
 
Advocate

Not necessarily

 
Reply   
 



Buying that land will cause you a problem.

 
Reply   
 
Director

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.

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

CrPC MASTERCLASS!     |    x