Can I get the balance amount through cheques that I have to receive from the person I sold my property to?

Q: HI, I sold my property for 3250000/- and received the amount through cheques. I have made the registration for 1500000/-. How can i get the balance 1750000/- on to my accounts? Can I procure a declaration from purchaser indicating that i have registered for less value but given cheques for full?

rohini_rao,

1st October 2011

Property Selling in Bangalore

bangalore real estate

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You might get into unnecessary trouble with the income tax department, as you will have to explain for what transaction did you receive the amount. So you may receive the remaining balance through other ways, alternatively.