Ltcg benefits and complaince of requirements
C.J.Sriram
(Querist) 04 August 2014
This query is : Resolved
A,B,C,D are four brothers each of them having independent ownership of adjacent land of 1 ground each. It is desired by ABCD to get title and dispose of 2 grounds of land and construct ONE building in the other 2 grounds. Also, it is desired to have/get UDS in the 2grounds of land retained for construction of flats. So however that, the Sale Proceeds of the lands sold will be applied to construct Building in the land retained.
The query for clarification is:
1. Can the brothers do a settlement first among themselves to make all of them own UDS in the land being disposed. Get the Sale deed registered directly or thru a POA, only for selling land and receive considerartion.All the four of them will sign the sale deed as coowners having UDS title.
2. Can they again effect settlement on the 2 grounds of land retained so that each of them have UDS in them and then Construct on their own or thru a Buildier ONE BUILDING having flats which they can take and share equally.
3.Will this comply with the investment of the LTCG ( land is owned by them for over 3 years) arising due to sale of land in the hands of ABCD.They will finally own ndividual flats on the UDS of the land already owned by them.
4.Will this also comply with the investment in "A RESIDENTIAL PROPERTY" IN THEIR INDIVIDUAL HANDS thereby fulfilling LTCG benefits availble.
T. Kalaiselvan, Advocate
(Expert) 06 August 2014
All these queries can be clarified by the local consultant/CA you may contact one and get them clarified.
