Hyderabad: A man in Uppal wants Rs 30 lakh for his decade-old two-bedroom 1,200 sq.ft. He had purchased it for Rs 17 lakh in 2007. Of the Rs 30 lakh, the owner wants Rs 13 lakh in cash and the rest in black.
Why would he want to risk a black money transaction, he was asked. The owner replied that the market value of the flat was Rs 13 lakh, though the actual market rate in Uppal had doubled in the past 10 years. To avoid paying capital gains tax, the owner wants the Rs 17 lakh to be paid in black.
“It’s a win-win situation for both. Owners can avoid capital gains tax, buyers will benefit as they would pay less for registration of property that has a smaller value,” he said.
“The sale agreement will be for Rs 13 lakh and I want the property to be registered for that amount,” he said.
In Yadadri, a man has put 10 acres of land on sale. The government value is Rs 4 lakh per acre, the prevailing rate is Rs 25 lakh. “I want only Rs 40 lakh in white and Rs 2.10 crore in black,” he said, The land value has zoomed after the TRS government created a new district and began a project to develop the Lakshmi Narasimhaswamy temple at Yadadri.
