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How to sell property in white due to Demonitisation ?
19-Dec-2023 (In Property Law)
I PURCHASED GPA PROPERTY IN 2012, BUT IT WAS NOT REGISTERED AND NO TAX WAS PAID. NOW I WANT TO SELL IT AND WANT MONEY IN MY BANK ACCOUNT. WHAT SHOULD I DO TO SHOW IT AS WHITE MONEY, I PURCHASED IT THROUGH MY SALARY AND PERSONAL LOAN AMOUNT BUT DID NOT SHOW IT ANYWHERE IN ITR. PLEASE ADVICE.
Technically you have broken the law at this stage I can advise you to kindly consult with Income Tax specialist well I think as you have nots on the record of loan it may be excused by because it is not taxable
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Adv. Siddharth Dev
Delhi | 200+ Answers
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The said property can be sold without any problem if your title is clear in the property and there is no dispute in the same. It doesn't matter whether you showed the same in your ITR or not. But you can sell the said property.
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Adv. Harshit Jain
Delhi | 100+ Answers
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Preliminary opinion: selling a property which you purchased prior to 8th Nov. 2016 is not an issue. You just need to be registered owner and should have the sale deed with you. If you have the valid papers no scrutiny can stop ypu from selling it. Buying the property as per the custom of sale by dealers is fine and if you have paid it by savings and loans then you should just consult and get your papers vetted.
For comprehensive opinion:
1. The sale deed and registration papers.
2. Loans and other payable receipts.
3. The GPA papers as to understand how both ownership and rights been defined.
For comprehensive opinion:
1. The sale deed and registration papers.
2. Loans and other payable receipts.
3. The GPA papers as to understand how both ownership and rights been defined.
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15+
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Adv. Ramaditya Tiwari
Delhi | 100+ Answers
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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 Divorce Lawyers at lawrato.com to address the specific facts and details.
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