Mr x Purchased a flat for Rs 200,000 for which he gave Rs 150,000 from bank and 50,000 from cash which was a black money.
he sold the flat for Rs 400,000 out of this rs 100000 was taken in cash. Discuss the Tax implication
2 Replies
karan jit singh
(Consultant)
(1299 Points)
Replied 24 December 2011
bhai tune toh sahi query puchi.....good.soon i will reply okay
Dhruv Gaglani
(Learning)
(278 Points)
Replied 05 January 2012
Hey Saurabh,
You should take the amount of sale and purchase as per the Sale and Purchase deed. If the payment through bank exceeds than the amount as per the deed, then take the bank amounts as your purchase and sale price, but I do not think this will be the case. So go ahead with the price mentioned in the deed.
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