07 May 2015
hi. I have borrowed hand loans worth 1 cr , @ high rate of interest that summed up to 1.6 cr now. I am selling land and during registration will receive 2cheques of 2.5 cr in 6 month gap. The main issue is the buyer is paying in full white money . How do I repay my hand loans of 1.6 cr. I am ready to pay any income tax . but I have to repay the handloans by cash 1cr at least and more time I take more interest builds up. As far as I heard if I pay tax I can withdraw the money and just pay it off . But some people disagree . FYI this transaction will come under long term cap gains. please give me a solution.
09 May 2015
people rightly disagree as where you withdraw such a huge amount of cash from bank and spend it in manner that cannot be explained, Income-tax department can question the transactions and levy penalties such as repayment of loan in cash (section 269T)
CAclubindia
