Property Transaction - Payment Process
Regarding the payment (say 11 Crores) for a property transaction in Delhi, what are the steps/procedure of making the payment via bank cheques/draft etc. e.g. taking permission from the income tax deptt. What legal formalities are required to be taken by buyer and the purchaser.
In such cases, ensure the payment is made vide cheque or a draft and money that your paying should be visible in your income statements.
In simple, words for a cash outflow there should also be some proof of inflow of the same.
You have to pay the requisite stamp duty on the sale consideration as applicable in Delhi (eg. 5/6/7 %) and have the sale deed registered at the office of the sub-registrar having jurisdiction over the property. Payment through cheque means the money is accounted for (it is white money) and there is no impediment in making such payment whether by cheque / draft as may be mutually acceptable to the parties
Advocate Rajat JosephNizamuddin East, Delhi
Stamp duty shall be payable on the purchase of property. The Sale Deed is compulsorily registrable document.
Advocate Ashima PuriSaket District Court, Delhi
In such cases, ensure the payment is made vide cheque or a draft..and money that your paying should be visible in your income statements. In simple, words for a cash outflow there should also be some proof of inflow of the same.
Advocate Richa RelhanCommonwealth Games Village, Delhi
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