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regarding purchsae property

mudit gupta (CA) (330 Points)

20 December 2017

dear sir
with respectfully I like to say that I purchase property at 40 lacs but my ROI IS 32 LACS AND I WANT TO TAKE MONEY FROM FRIENDS .HOW TO TAKE MONEY FROM FRIENDS
PLZ I REQUEST YOU TO RESOLVE THIS PROBLEM
REGARDS
MUDIT

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11 Replies

Divakar agarwal (Student) (247 Points)
Replied 20 December 2017

prepare an MOU between you and your friend for taking an non interest bearing loan from other party for purchase of property defining the repayment schedule.

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mudit gupta (CA) (330 Points)
Replied 20 December 2017

sir
I will cash payment of 10 lacs to purchase this property

Divakar agarwal (Student) (247 Points)
Replied 20 December 2017

that's ok u can take a cash from your friend and make the payment for purchase of property. please ensure that the agreement value is more than the fair market value.

mudit gupta (CA) (330 Points)
Replied 20 December 2017

how much MONEY to take from FRIENDS in form of cash

mudit gupta (CA) (330 Points)
Replied 20 December 2017

plz replay

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mudit gupta (CA) (330 Points)
Replied 20 December 2017

plz reply

Divakar agarwal (Student) (247 Points)
Replied 20 December 2017

Sir, its depend upon you. Ensure that the amount specified in the agreement value should be paid by way of cheque or DD. AS there is statutory requirement under section 139A of the incme tax Act read with rule 114B of the income tax rules, 1962 to quote PAN in documents pertaining to purchase or sale of immovable property for value of Rs. 5 Lakh or more. However this information is furnished by the registrar to the income tax department in AIR.

mudit gupta (CA) (330 Points)
Replied 20 December 2017

sir
section 2669 sand 269T is applicable here

mudit gupta (CA) (330 Points)
Replied 20 December 2017

plz reply

Divakar agarwal (Student) (247 Points)
Replied 20 December 2017

sir u will not going to record this transaction in your books as this is cash transaction correct ?
And also 269SS and 269ST disclosure need to give in case of tax audit is applicable to the assessee in case of loan give by the assess by way of cheque or DD.

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Divakar agarwal (Student) (247 Points)
Replied 20 December 2017

sir u will not going to record this transaction in your books as this is cash transaction correct ?
And also 269SS and 269ST disclosure need to give in case of tax audit is applicable to the assessee in case of loan give by the assess by way of cheque or DD.

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