Quote:
Originally Posted by W_Seller
Hi
I am selling an ancestral property costing 2.5 crore in Haryana. I am getting buyers, but all of them are offering 50% in black money. I have no buyers ready to pay the whole in white.
I am not very conversant in the real estate business. I don't really know how to go about this. I have to buy a property almost immediately after selling this house, but how do I go about using/investing/depositing the black money?
Is there any other way without having to accept 'black money'? My need is fairly urgent as I would like to wind up the whole selling process in the next 3-4 months.
I am a senior citizen.
Thank you for your advice.
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Dear W_Seller,
My family has the same problem handling a similar case but around 2-3 times bigger. Of course, the percentage offered is smaller, but the problem is the same.
In boomtimes Corporate buyers used to settle deal in 100% white and it was a boon. Today, they are almost completely out of the market and fighting for their own survival.
As Amit said, do your property deals (selling followed by buying in a back-to-back manner and simply transfer the kaala component from the buyer of your property to the one selling to you as much as possible.
Especially as you are a senior citizen, it is much harder for people of your generation to handle black money as easily as younger generations, when you are not a professional businessperson but only doing a single sale and purchase of ancestral property.
One option to handle the remaining kaala cash is to purchase Gold as it is a very good store of wealth, can be stored and transported easily, stores a lot of money in a small package and is easily accepted by anyone anywhere. I'm not trying to propogate black money. But much of this is forced upon us by the very same guys who will prosecute you if they catch you with black money. Recent raid of so many Govt employees, bereaucrats and politicians point to the epidemic nature of black money in those groups!!!
cheers