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Different amount mentioned in sale agreement and sale deed
29-Jun-2023 (In Property Law)
One party has agreed to buy my house property for Rs.67 lakhs as per sale agreement. The sale agreement was duly attested by a Notary Public/Advocate. The party has paid the agreed amount of Rs.67 lakhs by cash within 2 months in different dates before documentation. But the party has registered the property only for Rs.18 lakhs to avoid stamp duty/registration charges. He refused to register for full amount. Based on the sale agreement I have remitted entire amount of Rs.67 lakhs into my accounts by cash in various banks. If IT dept ask sources of funds, what I have to do? Pl advise me.
It seems to be a imaginary question.
You should have checked the consideration value at the time of signing the sale deed. So, you are aware that remaining amount is black money. So, you knowingly received it as black money and deposited it in the bank. You are answerable to the Income Tax. You have to contact a good auditor for giving a suitable reply to the Income Tax Department and for preparing the statement of accounts.
You should have checked the consideration value at the time of signing the sale deed. So, you are aware that remaining amount is black money. So, you knowingly received it as black money and deposited it in the bank. You are answerable to the Income Tax. You have to contact a good auditor for giving a suitable reply to the Income Tax Department and for preparing the statement of accounts.
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Adv. V Arunagiri
Chennai | 25+ Answers
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Is notarized agreement valid in court?
If you purchase a notary contract offline, its validity is approximately 6 months. When you purchase a notarized contract online, the documents validity is unlimited in court. You can use the document whenever you want. 18 Jul 2023
What is the validity of notarized sale agreement?
Validity of the notary agreement has not been defined. When a notary public seals a document, the document is also marked with an expiry. This date determines the validity for the Notary Agreement.
What is the validity of notarized document?
The agreement is enforceable as long as the date on the seal that was used to notarize the document remains valid. It also depends on what kind of document is in question. If the document says that it is valid for one year, it will also be valid for this amount of time. 13 Jul 2023
What are the benefits of notarized documents?
Notarizing documents in India has the main purpose of preventing any type of document fraud or theft by preventing someone from presenting an illegitimate document. Notarized documents that are certified by notaries public help protect the rights of citizens who would otherwise be oppressed.
You pretty well know that this is an illegal transaction, if so how do you think that you can manage to hide such a huge income to your account.
Though the transactions are made into different bank account, all the banks would be having your PAN details through which the income tax department can gather the details of money deposited into various bank account and may ask you to show cause why action should not be taken against you for evading to pay the tax for the income.
Even now you can disclose the income in your income tax return and pay the applicable taxes after claiming exemptions under long term capital gains or under the provisions of section 54F of income tax act or under section 54EC of the act.
Though the transactions are made into different bank account, all the banks would be having your PAN details through which the income tax department can gather the details of money deposited into various bank account and may ask you to show cause why action should not be taken against you for evading to pay the tax for the income.
Even now you can disclose the income in your income tax return and pay the applicable taxes after claiming exemptions under long term capital gains or under the provisions of section 54F of income tax act or under section 54EC of the act.
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Adv. T Kalaiselvan
Vellore | 400+ Answers
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Your Property Value is Rs. 67,00,000/- (market Value) but guideline value (Govt Value) of the property may be different from Market value so your buyer is doing registration for Guide line value. For present financial ministry rule No Cash transaction is allowed beyond Rs.20,000/- (i.e., upto Rs.20,000/- cash transaction is allowed as per financial bill 2015) for I.T Dept purpose you need to show Rs.67 Lakhs as your sale price and you have pay Capital Gain tax for the Value of Rs.67 Lakhs.
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Adv. R Jayakumar
Coimbatore | 25+ Answers
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