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How to get black money component for buying home

abhishek (Staff) (81 Points)

16 September 2023

Hi, i am a salaried person with every peny earned by paying tax. I am trying to buy a builder floor in Delhi but all builders are demanding 60% black yes that's the truth of our country.

Please suggest how can I arrange cash or how can i buy house, I have the required money in my bank but builders are not ready to deal in white. After searching for 1 year I have decided to pay in cash but tge question is how? I know i can't withdraw such big amount from bank, please suggest.

While people want to convert black to whte I want otherwise :( This is after paying all taxes for years.

Will appreciate any help

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17 Replies

sabyasachi mukherjee (27574 Points)
Replied 17 September 2023

Irrelevant querry.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 17 September 2023

My advice is ,

Better to Build with Your own supervision...
In this way You can account a every single "RUPEE" as per Your way...

abhishek (Staff) (81 Points)
Replied 17 September 2023

Well its not that easy in Delhi to build a complete house, it needs many crores and again how to buy land without black component

My query is to understand how safely i can withdraw large cash from bank without being questioned by ITD

abhishek (Staff) (81 Points)
Replied 17 September 2023

Originally posted by : sabyasachi mukherjee
	Irrelevant querry.

Maybe you find it irrelevant but my query is very genuine

I want to withdraw my own cash but know that this can be questionable from tax deppt

So need to know safe way of doing same.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 17 September 2023

Yes You are correct...

My view,
If you withdraw cash from Your account then don't worry...

But,
no more ideas from my side.

Better to consult nearest experts...
🙏🙏🙏

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Suresh Kumar (Account) (403 Points)
Replied 17 September 2023

Firstly, online transfer the amount in your family members/ friends.

2. You can withdrawal upto Rs. 20 Lakhs CASH from one saving account.

Lastly, file ITR-4 of all persons whom bank account withdrawal of upto Rs. 20 lakhs have been made.

abhishek (Staff) (81 Points)
Replied 17 September 2023

Yes but as i understand if you withdraw more than few lakh from your account then it can be questionable from ITD and you can't even then say that you purchased a house so its very tricky.

I thought some CA might have a suggestion or way out

abhishek (Staff) (81 Points)
Replied 17 September 2023

Originally posted by : sstaxconsultants2022
	Firstly, online transfer the amount in your family members/ friends. 2. You can withdrawal upto Rs. 20 Lakhs CASH from one saving account. Lastly, file ITR-4 of all persons whom bank account withdrawal of upto Rs. 20 lakhs have been made.

You mean i will transfer to different people and get them withdraw to be within limit. Yes had thought of thia but this makes everyone questionable why this amount was transferred to them

sabyasachi mukherjee (27574 Points)
Replied 18 September 2023

There are two ways to purchase house/ construct a house.
1. purchase a land. appoint contractor and then proceed. But it may so happen that there are many petty contractors.They need cash not cheque. logic is they do not want to show it in bank.
they want to pay their labourers.
Now how much a person can withdraw cash.
Sec 194N is better to understand this.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 18 September 2023

Originally posted by : sabyasachi mukherjee
	There are two ways to purchase house/ construct a house.1. purchase a land. appoint contractor and then proceed. But it may so happen that there are many petty contractors.They need cash not cheque. logic is they do not want to show it in bank.they want to pay their labourers.Now how much a person can withdraw cash.Sec 194N is better to understand this.

I think "Irrelevant converting relevant"

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Musrath Shaik (175 Points)
Replied 18 September 2023

I understand your concern, but it's important to emphasize that engaging in any illegal or unethical activities, such as participating in transactions involving "black money" (unaccounted or undisclosed income), is not advisable and can have serious legal consequences.

Here are some legitimate steps you can take to purchase a property without getting involved in illegal cash transactions:

Legal Consultation: Consult with a legal expert or a chartered accountant who specializes in property transactions. They can provide guidance on how to navigate the process legally and transparently.
Transparent Dealings: Insist on transparent and legal transactions. Be firm in your commitment to purchase the property through proper channels, adhering to all tax and legal requirements.
Due Diligence: Before finalizing any deal, conduct thorough due diligence on the property and the builder to ensure that everything is in compliance with the law.

For further more detailed information on this topic visit:Money Transfer Service Scheme (MTSS) & Guidelines

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