Sale of Property

This query is : Resolved

Jayesh (Querist)
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27 January 2011 Dear all,
I have a property which fatches Rs.35lakhs (Approx.)as sales consideration. Now problem is party is giving entire sales proceeds in cash. I want to buy a new property(viz. House Property). Now at the time of Purchase of new property, the opposite party demands cheque payment. How can I make cheque payment? (because I have sales prpceeds in cash from which I want to buy new property).
Kindly help me in this transaction.

Guest

Guest (Expert)

30 January 2011 No problem. Deposit the case in bank and give the cheque and disclose sales receipts of Rs. 35.00 lacs while furnishing the return of income.

Guest

Guest (Expert)

30 January 2011 But the same time, take care relating to provisions AIR

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Jayesh

Jayesh (Querist)
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01 February 2011 But sir, person from i am receiving money will not reflect his purchase of property in Return of Income(ROI). Such case might come up for scrutiny. Isn't there any other way out?