Ancestral property

malini (Querist) 16 August 2012 This query is : Resolved
WE ARE PLANNING TO SELL OUR ANCESTRAL PROPERTY DULY CONVERTED FOR RESIDENTIAL USE. IT IS INHERITED PROPERTY WE ARE THE ONLY LEGAL HEIRS. NOW THE QUERY IS
1) CAN WE SIGN MOU WITH THE BUYER INSTEAD OF SALE DEED, WILL IT HAVE ANY LEGAL BINDING
2) CAN WE GIFT A PORTION OF SALE PROCEEDS TO OUR PARENTS WILL THAT ATTRACT CAPITAL GAIN TAX

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ajay sethi (Expert) 16 August 2012
contact a local lawyer . get sale deed drafted by him . it better to go in for sale deed than a MOU . as to whether MOU would be binding or not depends upon terms of MOU

malini (Querist) 16 August 2012
THE SALE DEED WILL BE EXECUTED ON RECEIPT OF ENTIRE SALE CONSIDERATION. BUT BEFORE THAT TO HAVE AN UNDERSTANDING CAN THE MOU BE EXECUTED?

Anirudh (Expert) 16 August 2012
Dear Malini,
When you are going into enter into a transaction of this nature, would you mind following the advice of Mr. Sethi and consulting a local lawyer dealing on the subject?

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