I have to buy one Bungalow which details as follows-
> Cost of Bungalow is of Rs.75,00,000 > Housing Loan sanction is of Rs.70,00,000/- > Sales Deed of Rs.49,00,000/- > Property Valuation of Rs.85,00,000/-
Bank will pay to the seller of Rs.49,00,000/- and different amount of Rs.21,00,000/- in my saving bank account.
1) My question is that how i will to seller diff. amount by Cheque or Cash. 2) What is the sales consideration for Seller for capital gain working Rs.49 lacs or 70 lacs? 3) if seller not accept cheque then what is the solution?
27 November 2023
In such a case for capital gains working it's 49 lacs. Legally cash payment not allowed for more than 20,000 for property purchase. You have to choose the mode required by the seller.
Seller is confusing for if payment 49 lacs pay by bank directly and remaining amount will received by cheque or ipms!! Then what is the sales consideration. Seller asking to us that sales Deed is for 49 lacs and total I will be receiving 75 lacs, how I will convince to him. Thanks
CAclubindia
