04 December 2009
Dear Friends I have sold a Flat for the sum of Rs 32 Lacs among that amount the buyer is offering me Rs 20 Lacs in Cash in No1 account. As the property is in name of My mom and she never filed her returns so will it create us any type of problems. towards taxation view and what is the solution. We dont want to disclose such amount any where.
05 December 2009
sale consideartion shall be taken the amount which is mentioned in registration deed and not what you want to show. You will have to prove source of income for unrecorded amount.
CAclubindia
