My mother wants to sell a property she owns and buy a new land. I would like to know the below procedures. Kindly point me in the right direction and help me out of ignorance.
How should we handle the transaction to avoid parties with black money and pure cash related risky transactions? What is the best mode of transaction via bank? How do we declare taxes in the 2015-2016 cycle. Should we list them as capital gains? What is the procedure for it? Do we need a lawyer to execute this transaction procedure?
Do we need to ad post for buyers who can produce a Demand draft? In that case, the processing charges are going to be high. Cheques may bounce and is risky too. Cash transaction is the riskiset. The land has the correct Patta and other particulars.
