I have sold my ancestral property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2016 Dear Experts,

I request the experts to suggest me a solution to my situation.

I am a software engineer i earn about 60k per month. My financial condition: I have a home loan of 10 lacks. Credit cart due 1 Lack & personal loan of 3 lacks.

I have received money on selling my inheritance property from my father
My grandfather bought a property in 1955 from 5000
30% of that property(Old house) given to my father through a will.
Same have given to me through gift deed for as per govt rate of 680000 in Nov 2014.
I have sold this property for 2550000 after demolishing the house in September 2016.
One real estate agent mad an agreement with me for 2550000 with a duration of 3 months and given an amount of 10 lacks as an advance and demolished the house in the premises and kept the open land for sale.
After 2 months they got a buyer and asked me to attend me for registration.
The actual buyer showed the value of the land for 580000 and given me a cheque of 6 lacks and rest of the amount in cash.
Now how do I treat this cash lying with me?

What should I do now?

All proof I have about this transaction is that having a photo copy of the agreement I made with the real estate agent for the value of 2550000/-

Please suggest the solution.

I am ready to pay the tax from my side and show this money in my accounts.

Best regards,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 November 2016 The money lying with you is the black money. If you deposit the money in excess of 2.50 lacs in your account, you are liable for tax at 30% plus penalty 200% on tax.