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fund transfer into friend ac

06 January 2018

let suppose a person sold rural agricultural land for rs 50lac and its transfer to friend ac as loan .
is there default the provision?

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11 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166344 Points)
Replied 06 January 2018

Whether the sell receipt were in cash?

Whether the loan amount was transferred by any banking mode?

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Anoop Pandey (72 Points)
Replied 06 January 2018

dear sir ,
loan amount transfer in banking mode

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166344 Points)
Replied 06 January 2018

What about land sale receipts?

Anoop Pandey (72 Points)
Replied 06 January 2018

rural agricultural land

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166344 Points)
Replied 06 January 2018

Whether the sell receipts of the land were in cash mode or by banking mode?

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Anoop Pandey (72 Points)
Replied 06 January 2018

cash mode

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166344 Points)
Replied 06 January 2018

In which year it was sold? Agreement registered?

Anoop Pandey (72 Points)
Replied 07 January 2018

dear sir same year both provision has been made

Anoop Pandey (72 Points)
Replied 07 January 2018

2017_18

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166344 Points)
Replied 07 January 2018

AY 2017-18? OR FY 2017-18?

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SIDHARTH (Student CA Final ) (71 Points)
Replied 08 January 2018

No problem if the agreement amount(Sale Vale of land) and transferred amount through proper banking channel to his friends are same.

problem is when agreement amount is less and transferred amounts is more than Agreement amount (practice usually follow to avoid to pay stamp duty Vale of government)