regarding purchsae property

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.

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

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.

how much MONEY to take from FRIENDS in form of cash

plz replay

plz reply

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.

sir
section 2669 sand 269T is applicable here

plz reply

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.

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.