Hello Lawyers
I have a question related to the closure of home loan for my property (apartment)
I had purchased a flat for 16 lakh INR. Now that i plan to sell it for 25 lakh INR
My home loan outstanding with the bank is 11 lakh INR.
I'm facing this issue from the buyer. He wants to pay me 11 lakh INR in cash for the closure of the home loan.
And the remaining amount of 15 lakh INR through cheques.
From the way i see it he is trying to convert his black money to white by handing over cash to me and by getting
sale agreement between me and him. What are the repercussions related to the capital gain tax if I go by his
way and deposit this cash in my account and close my home loan account by handing over the cheque in my
name.
Please advise for any alternatives.
Regards
Srivatsa