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 firstname.lastname@example.org or on 9845285555 at Bangalore.
Good Luck and Warm Regards.
Mahadeva Rao G, ADVOCATE, 9845285555, BANGALORE.