agreement completion receipt ?
rdburmanmusic
(Querist) 12 April 2015
This query is : Resolved
Dear sir / madam
If purchased property worth 70 lks demanded by owner but owner asking 60 lks as white and 10 lks as black cash. So my friend shown it on paper it's value as 60 lks loan eligibility 40 lks ( 80% of on paper value ) 20 lks paid by person who is purchasing thro chek or cash which is shown as white amount only. 2 different Agreement done for both 60 lk ( bank purpose ) and 70 lks ( black as a mutual understanding ) After registration rest of the 10 lks to be paid as cash as black amount. My doubt is after registration of property on 60 lks . After giving 10 lks as black amount as demanded by owner , do we need to go for receipt of completion of 70 lks dues or as 10 lk dues in stamp paper ? To be safer side ? Though it is black cash memorendum of understanding on stamp paper ? If owner created problem stating that 10 lks not paid as they have made 2 documents of agreement separately for 60 and 70 lk (10 lk cash as black ) can he make due completion receipt cum agreement on stamp paper for 70 lks that is extra 10 lk payment as cash ? Please experts reply . My friend in confusion . Thanks.
Dr J C Vashista
(Expert) 13 April 2015
1. No one provides receipt for "black money" otherwise it is not black money.
2. If the vendor and vendee agree for the consideration amount to be disclosed as Rs. 60 lakh, stamp duty on the amount is to be paid and registration accordingly.
3. While spending/investing/involving such a huge amount in lakhs of rupees there is no harm/loss in engaging/consulting a local lawyer by spending few thousands of rupees in payment of legal professional fees for proper evaluation, analyzing, guidance and proceeding.
Rajendra K Goyal
(Expert) 13 April 2015
Such deal is always risky as two agreements have been prepared and dispute may be raised.
Better consult a local lawyer and show him all the documents.
T. Kalaiselvan, Advocate
(Expert) 16 April 2015
Please bear it in mind to not to discuss such illegal dealings in public portals like this, this may be harmful to you by some or the other way.
