15 August 2013
My first question is that somebody purchasing a flat for amount Rs. 90 lakhs. (Market Value) But the actual value of that flats, as per circle rate Rs. 10 Lakhs, after approaching the seller, seller is agree to sale the flat on paper double the circle rate i.e. 20 Lakhs. Know the question is that buyer is purchasing the flat @ Rs. 20 lakhs as a white (through cheque) and rest of the amount Rs. 70 lakhs as a Cash. But, the problem is that the buyer has all amounts in Bank as a white. If buyer withdraws the entire amount as cash from Bank Rs. 70 lakhs. Can Income tax department ask, where is that money use. If they ask what is the solutions. As per the present market without Black no body can purcahse the flats in white. Can they say we are giving the amount to individual as a Cash.
CAclubindia
