arul kumar (Engineer) 25 July 2011
I am planning to purchase an old appartment in banglore which is worth 50 laksh.The seller is asking me to put an agreement for guideline value of 24 lakh,for the rest of the amount (26 laksh) he is asking me to pay in black money.
He told me to put an agreement as he has taken loan from me for 26 laksh,which i should hand it over to him during registration process.
I would like to know,whether this is the right procedure to follow.
Can you please guide me on this?
Shailesh Kumar Shah (Advocate) 26 July 2011
this is legally wrong.
Surendra Singh Chandrawat (Lawyer) 26 July 2011
wrong procedure
Mahadeva Rao G (ADVOCATE) 27 July 2011
Hello Mr. Arul Kumar, the experts advice is perfect, the procedure is absolutely wrong., But when there is huge difference between the Guidance value and the Market value It is the routine procedure that the property is registered only according to the Guidance value to save on the stamp duty on the difference amount between the guidance value and the market value, where in this case is huge amount.
Can u pls clarify u r statement. SInce He is telling to draft an agreement that he has taken loan from u. If that is the case HE HAS TO PAY U and he again as to register the property in u r name. ?????? I guess he meant to say that u have taken a loan and u r repaying his loan back i.e, the understanding between you and him to cover up the black money part.
I guess u seriously need an expert guidance while doing documentation of the same in order to avoid any future hassles.
For any more clarification u can revert back to me with full details on sohan1912@rediffmail.com or on 9845285555 at Bangalore.
Good Luck and Warm Regards.
Mahadeva Rao G, ADVOCATE, 9845285555,
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