Please read the following situation and suggest:-
Ram sold a land for Rs 2 cr to Mohan.
Mohan gives Ram, 80 lakh as cash and rest through cheque.
Although the whole transaction value i.e 2 cr is clearly mentioned on registered e-stamp agreement paper.
Now Mr. Ram wants to deposit that cash of 80 lakh in Bank FD and wants to happily pay the taxes on that amount.
Would that 80 lakh cash raise questions ?
Would it save tax if Ram deposits the cheques in three different bank accounts of his own or in his family members account? (may be a silly question)
CAclubindia
