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HUKAMCHAND ERODHA (ADMINISTRATOR)     25 May 2023

Purchasing a house

I am 76, was an Ayurvedic Rmp, never paid income tax. Can I purchase a house of thirty lacs showing that the money was saved and kept at home.


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 4 Replies

Real Soul.... (LEGAL)     25 May 2023

How are you going to make the transaction?  if that is cash then that is ok. 

HUKAMCHAND ERODHA (ADMINISTRATOR)     25 May 2023

I shall pay cash. Thank you 

T. Kalaiselvan, Advocate (Advocate)     25 May 2023

The amount saved by you should have been  in a bank as a fixed depoist or in the form of savings bank balance.

If you produce this huge amount as cash for purchse of immovable property without having any proof for the source of income, it will certainly attract income tax.

Besides cash payment for any transaction beyond Rs. 20,000/- is ot permitted and considered as illegal. 

 

 

HUKAMCHAND ERODHA (ADMINISTRATOR)     26 May 2023

Thankyou

May I borrow from a farmer intrest free in my bank account. Get an agreement on stamp paper or promissory note that the farmer has given me in my bank account for ten years without any intrest.

Thank you sir


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