I am purchasing new plot which is having government valuation 30 lakhs Now iam paying 10 lakh in white and 10 lakh in blakh And making souda chitti and paying remaining amount at the time of registration Now my question is that how to write that souda chitti details and whaer to write that black mony
Do not make any cash payment
payment of Rs 10 lakhs in cash is an offence and penalty can be imposed upon you
Section 269SS of the Income Tax Act prohibits any person from taking or accepting from any other person any loan or deposit in any other way than by cheque or bank draft where the amount is more than Rs 20,000. Similarly, Section 269T prohibits the re-payment of any loan or deposit other than by cheque or bank draft, if the amount is more than Rs 20,000.
You need to write "Agreement to Sale" deed between buyer and seller, mention property details, price, terms & conditions that how transaction is going to complete within how many days, if not completed in time frame mention in it than cancellation clause etc. And get the registered with the sub registrar office.
In the registered sale deed you can mention only the sale consideration amount to which you are having a proper account and you would be paying the stamp duty.
Since you are paying some amount by black money, you cannot show it in any account including ITR, so after consulting your auditor you may bring this into some other account.
Get promissory notes signed for the black money.
Sauda chitti format can be obtained by contacting the particular lawyer.
execute an registered sale agreement with seller and mention terms and condition and total consideration amount in agreement. For black money transaction you may execute seperate agreement issue some cheques against souda chitti payment.
1. The Sale Deed shall mention only the money that is paid officially. It will be a prosecutable offence to record any money that is not paid officially, under the Income Tax laws.
2. Stamp Duty shall be paid on the Ready Reckoner (circle rates) rates .OR. market value (whichever is higher).
Execute agreement to sale. Dont mention black and white Money. Just 10 lacs paid through cheque and 10 PACs via cash. In sale deed only mention 10 lacs paid for property.
Take receipt of cash payment. 10 lacs cash 10 lacs with proof, what about next 10 lacs
No place for black money in agreement for sale or deed .
You have to declare the value of the property in the agreement for the registration and stamp duty would be charged by sub-registrar on the prevailing market value.
Black money NO place in the agreement.
SAUDA CHITTI is not recognized under the provisions of law.
You can execute a agreement to sale in above conditions. Relinquishment deed will not be applicable
No option for writing black money. Most of the times peoples are written less sale amount than actual amount in the sale deed and that way adjust the black money
No advocate can be taken in aid to commit crime.
Making transaction with unaccounted wealth crime the commission of which can not be done with the assistance of an advocate.
The black money transactions shouldn't be disclosed. Show that the property was purchased minus the black money. It should be mentioned in the sale deed.
Dear Sir/Madam,
You are suggested that you should avoid the black money transaction as far as possible. But if you decided to go with that you may mention that the said amount is paid in various installments in cash and the same is also being counted or taken in consideration for the sale of plot.
1. Yes you can mention the amount paid as cash in agreement.
2. You should mention all the payments made along with mode of payment in sauda chitti or agreement.
- Since, you want to enter into an agreement wit the seller after paying part payment , then you should mentioned all the details of payment , and the date of sale deed execution.
- If you will not disclose entire amount in the agreement , then you may face trouble by the seller.
- Further , in the sale deed you can mention the cheque amount with some cash amount .
