- This topic has 8 replies, 7 voices, and was last updated 1 year, 2 months ago by
.
-
Posts
-
-
MI have a distressed property, and fortunately, I found a party willing to pay the full price without negotiation. The only issue is that the party wants to pay 100% in cash.
I told them, that legally, this isn’t possible—am I wrong? They even offered to pay more if I could make it work.
There are pending loans and we desperately want to make a deal.
I’m unsure what to do.
Should I stay away from this deal?Want to add some “scamy” behaviour from other party
– The other party don’t want to disclose their name
– they willing to transfer the property to any random person , they offered our property manger to buy the land .
– The agent of other party is not giving contact details of the buyer . He said only if deal is confirmed I will share the details. -
-
FIf the money is dirty, sooner or later it will be impounded. If you sell something legitimate but received dirty money for the transaction, in future the money can be frozen by ED / DRI etc.
Also it’s illegal to receive cash for the sale of property. Even if you do take cash how will you pay off your loans? You can’t simply deposit the money in bank account. Don’t do it.
-
AWhat exactly do you mean by distressed property ?
The buyer is paying you above market rate only to exchange his black money with your black money. I wouldnt advise it but ultimately it is your decision.
-
MI have explained my situation in below post.
https://www.reddit.com/r/personalfinanceindia/s/KNPnKYU7k3
We don’t want to engage in illegal activities.
We are not going ahead with this deal -
-
-
UNAL
The issue is not an all cash deal. The issue is showing source of the funds. You can always show on the stamp paper that you sold it for less. You just pocket the difference and make it white through hawala. Plenty of people in India do this. Just ask your buyer to show source of funds for the lower amount. Most people are able to show this.
-
HAs per the Income Tax Act, it is not permissible to receive an amount of Rs. 2 lakh or more in cash in relation to a single transaction. Violation of this rule may result in a penalty equal to the amount received in cash.
Additionally, receiving large sums of cash can attract scrutiny under the Prevention of Money Laundering Act (PMLA) and other related laws. If the cash is found to be proceeds of crime, it may lead to prosecution under the PMLA, including confiscation of property, arrest and other legal consequences.
-
B1.they are hiding identity for obvious reasons, fear of getting into trouble because of that much amount of hard cash,your one complaint with their identity & they will be behind the bar or at least under the radar of government agencies
2.talking about the ease of your decision making,if you desperately want that money as your respected father has debt to be cleared,you shouldn’t mind accepting the deal strictly at a higher price,by leasing him out the land for 99 years with a one time on paper deposit
3.the hard cash can be utilised in various ways to clear the debt,I can help you to source it into white amount,it’s totally your choice as it’s possible,instead of sale deed you can consider leasing it out for 99 years,later on let him claim the land and you shouldn’t oppose it
-
