Basically let's get it like X,Y,Z.
X lended some money to Y i.e. approx 1 cr. 30 lacs.
Y is ready to give his land in return but the land belongs to Z, who's brother of Y and both of them are ready.
But then here's the problem that how X should register the land without getting in trouble of Income Tax.
Please suggest every possible way, Thank You.
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Want to register land.
Replies (7)
What is market value of land?
Sir, the market value of land is approx 70 lakhs per 1360 sq. ft.
Do you mean to say Mr. X is ready to purchase the land worth 70 lakhs in lieu his loan amount 1.30Cr to Mr. Y?
Yes sir, but as per Mr. X doesn't have a proper and scheduled to source of income, he's facing problem over income tax for the registration.
When was the loan given?
The loan was given 2 years ago.
Well, there can be Tripartite agreement between all three, for which it would be advisable to hire paid service of any local lawyer, who would be well versed in such type of deals..
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