Due to serious debt issues i was forced to sell my property which was registered for 33 lakhs. The b

In Tax Law
Due to serious debt issues i was forced to sell my property which was registered for 33 lakhs. The buyer gave me 33 lakhs in cash to settle my home loan a month prior to registration. Ignorantly i too received the cash and deposited it in my account and settled my home loan. But the buyer lady registered the property only for 14 lakhs. When i told her to register for atleast 33 lakhs, she threatened me to return the 33 lakhs with interest. Since I didn't have money i consented for registration. Now i have received notice from IT dept asking explanation for high value transaction. I don't know how to account for it.

Answers (1)

89 votes
Sir, The guideline value of property 14 lakhs, the market value of property 33 lakhs. you should have received 14 lakhs from the bank. it was the fault of both of them it was all received in cash. You should advice to buyer

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