I am an NRI. My father is conservative retired senior citizen living in India. He is selling his primary residential house (built in 1980). He will renting thereafter. ( He is not going to buy any property or gold !)
The buyer is offering us 80% white money-documented (Bankers cheque) and 20% cash( not documented).
Total selling price of the house is almost 1 crore.
- Is there an easy way to convert the 20% cash (20 lakhs) to white ?
- Can we deposit the undocumented 20% cash into bank savings account ?
- Is there going to be any headache for accepting the 20% cash from the buyer?
(We are ready to pay all Government Taxes and want to make the transaction simple, hassle free and clean.)
We are looking to for your advice. Thanks in advance.