Dear Sir,
We are planning to purchase a agri land of value 8 laks (government rate) with market value (33 laks). We have two options thought about this deal.
1) Total 33 lacs can be deposited in one account of seller if we show the value of land as 33 lacs in the Sale deed also, i.e., on the Registration document. With this option Registration expenses will increase for me.
2) Option 2 will be depositing the amount in multiple bank accounts. Approximately in 7 to 8 accounts. and go by government rate to pay registration charges.
I heard that for me as purchaser, if I go for option 2 then it may be a problem when I sell this land in future with higher rate as this will lead to tax problems.
Please advise the best option.
1 Answers
Hi,
Personally, I prefer the first option.
In case, you have the sources of income to prove that you have Rs 33 lakhs white money for this transaction, kindly go with the first option, it will be beneficial to you (though you have to pay higher Registration and stamp duty).
If you opt for second route, advisable to pay the Registered value amount to Seller's account through cheque or online transfer and the rest you can pay as per mutual convenience.
Related article :
https://www.relakhs.com/rs-2-lakh-cash-transaction-limit/
https://www.relakhs.com/how-income-tax-department-tracks-the-high-value-financial-transactions/
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