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arul kumar (Engineer)     25 July 2011

Regarding Sale Agreement

I am planning to purchase an old appartment in banglore which is worth 50 laksh.The seller is asking me to put an agreement for guideline value of 24 lakh,for the rest of the amount (26 laksh) he is asking me to pay in black money.

He told me to put an agreement as he has taken loan from me for 26 laksh,which i should hand it over to him during registration process.

I would like to know,whether this is the right procedure to follow.

Can you please guide me on this?



Learning

 3 Replies

Shailesh Kr. Shah (Advocate)     26 July 2011

this is legally wrong.

Surendra Singh Chandrawat (Lawyer)     26 July 2011

wrong procedure

Mahadeva Rao G (ADVOCATE)     27 July 2011

Hello  Mr. Arul Kumar,    the  experts  advice  is  perfect,   the   procedure  is  absolutely  wrong.,   But  when there  is   huge difference  between   the  Guidance  value  and  the  Market  value   It  is  the  routine procedure  that  the  property is  registered  only  according to the  Guidance value  to  save  on  the stamp duty  on   the  difference  amount  between  the  guidance  value  and  the  market  value,  where  in  this  case  is  huge  amount.

Can  u  pls  clarify u r statement.     SInce  He is  telling  to  draft  an  agreement  that  he  has  taken  loan from u.  If  that  is  the  case  HE  HAS  TO  PAY  U  and  he  again  as to register  the property in u r name.  ??????        I guess  he  meant  to  say    that  u  have  taken  a  loan and  u  r  repaying  his  loan  back  i.e, the  understanding  between  you  and him  to  cover up  the black money part.  

I guess  u  seriously  need  an  expert   guidance while  doing  documentation of  the same in order  to avoid  any  future  hassles.

For  any more  clarification u can revert  back  to me  with  full  details  on sohan1912@rediffmail.com  or  on 9845285555  at Bangalore.

Good Luck and  Warm Regards.

Mahadeva  Rao  G,  ADVOCATE,   9845285555,   BANGALORE.

 


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