Mr. X having the two son say Mr. A and Mr. B.
Mr. X, Mr. A and Mr. B, has filed an application for housing scheme in Gujarat Housing Board (GHB) in the name of Mr. X of Rs. 20 lacs
GHB has allotted the MIG I house to Mr. X(owner of Property) with a condition that:-
“The property will Not be transferred to other person up to a period of 5 years from the date of possession”
The above condition is also specified in property document
Payment details are as under:-
|
Sr. No. |
Particulars |
Amount |
Note |
|
1 |
20 % of 20 lacs |
400000 |
Paid my Mr. X |
|
2 |
80% of 20 Lacs |
1600000 |
Paid through bank Loan in the name of Mr. X and Mr. A |
|
3 |
Stame paper |
100000 |
Paid by Mr.B |
|
4 |
Society Maintenance |
100000 |
Paid by Mr. A |
Now, 1.5 year has been passed from the date of possession.
Now Mr. X(The Father), has decided to transfer the said property to one of their son that is Mr. A or Mr. B with a consider as under:-
- New owner (one of the Son) has to take over the entire loan, which is something about 15 lacs, and
- Has to pay 5 lacs to other person( the Second son) in cash or bank
Questions
- Whether said property can be transfer through “power of attorney” before completion of 5 year with consideration details and sales deed will be executed after completion of 5 Year? (also suggest point to be taken care now(while making power of attorney) to avoid any conflict at the time of executing the sales deed) ?
- After Registered POA, cam Mr. X has any right to sale the property?
- Is there any other way for Mr. x to transfer the said property to one of their son through sale deed before completion of 5 year?
