Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2015 One of my client want to sale his Constructed Property. Property value is as per Ready Reckoner is Rs. 4.00 CR.

Agreement Value is also Rs. 4.00 CR. Buyer want to pay Rs. 3.50 CR by chq and Rs. 50.00 Lac in cash.

As per Ready Reckoner I will have to pay Income Tax on Rs. 4.00 CR. Whereas he will have to show Rs. 3.50 CR in the books only.

He may not show Rs. 50.00 lacs in the books.

In this case is there any other way to show in the books the whole agreement value i.e. Rs. 4.00 CR?

Please do reply on very urgent basis...

Awaiting for your positive reply...

With Best Regards,

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 January 2015 As per the agreement you can show Rs. 4.00 Cr.as the Sales Consideration including Rs. 50.00 lac received in cash.
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The buyer confirms the amount payable by signing the Agreement.
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He will also have to show cash amount paid Rs.50.00 lac in cash for his good.
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