quesProperty 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.

  • ansIn 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.

  • ansYou 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 Joseph

      Nizamuddin East, Delhi

  • ansStamp duty shall be payable on the purchase of property. The Sale Deed is compulsorily registrable document.

    Advocate Ashima Puri

      Saket District Court, Delhi

  • ansIn 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 Relhan

      Commonwealth Games Village, Delhi

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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