4 ms·
> You can't register a hut in the property registration office since a decade without a PAN number. And builders haven't been taking cash since more than a deca
by sbmthakur 8y ago
> You can't register a hut in the property registration office since a decade without a PAN number. And builders haven't been taking cash since more than a decade now.
Where I stay(Mumbai suburb), taking some percentage of money as cash was always the norm. For example, for a flat worth 90 lakhs, you were expected to pay 60-75 lakhs in white and the rest in black(cash). This inflated the costs and many folks could not afford a flat due to this. It's mostly gone now thanks to RERA but Demo also played some part.
- dmurray 8y agoShouldn't it deflate the cost? If the seller had to pay 10 lakhs extra in tax, he would sell it for 100 lakhs instead of 90.
- sseth 8y agoIts not about inflated cost. It removes your ability to get a higher loan amount, . And increases the risk in the transaction as the cash component is now not backed by any documentation. And finally, it increases any eventual capital gains you have to pay unless you again perpetuate the cycle by taking black money.