Property and tax settlement
Stephen
(Querist) 08 January 2014
This query is : Resolved
Dear Property & Tax experts...
My father owned ground and 1st floor house. While in the year 1990 he sold the ground floor house to my elder sister and B-in-law through proper sale deed. Also divided certain amount to all 3 daugthers while retaining the 1st floor house for himself and my mother pesuming the 1st floor to me. However he expired in year 1996 without leaving any will. But due to dilapated condition of the house and overall my mothers condition my elder brother-in-law with concent from mother and all other 2 sisters,co-brother-in-law consent and my consent the entire house (i.e ground and 1st floor) was sold through transfering 1st floor to my 1st sisters name under one sale deed to the buyer (presumable to reduce registration fee) in year 2012 and all the kith have signed the sale deed.
While this sale amount was split in to 2 (i.e to my 1st sister and rest to my mother). At the same time from my mothers share, she has retained certain amount given certain equal amount to rest of her 3 daughters and myself and all kith are happy about it. But this aspect hasn't been documented in any legal document, also at the same time the rest of the money which is still in my mothers name how it should be handled in any eventuality.
Considering this how we can go about documeting and getting all kiths to sign 1 year old sale transaction from the sale deed.- Note: out of the entire sale consideration, they buyer gave 50% in cash and 50% in cheque and out of the 50% of the cheque has gone to my 1st sister and my mother, while out of the 50% cash has been equally distributed to all kith.
Need your advice, process (i.e should it be registered or acknowledge before notary etc), stamp paper value and sample format and template to formalize the property sale financial consideration which all the kith have derived.
Many thanks in advance for your advise.
Stephen
Devajyoti Barman
(Expert) 08 January 2014
Taxation query.
Better post in caclubindia.com.
R.K Nanda
(Expert) 08 January 2014
consult tax lawyer.
R.K Nanda
(Expert) 08 January 2014
consult tax lawyer.
Rajendra K Goyal
(Expert) 09 January 2014
You have not mentioned the amount in question, how much it was distributed and how, and about capital gains. Any thing positive can be advised only after going through all the papers. you may consult to your tax consultant.
T. Kalaiselvan, Advocate
(Expert) 12 January 2014
You all have jointly sold the property and have taken their respective share out of the consideration amount. Now the money remaining/lying with our mother, let it be there, if she wants to give away to anyone during her life time, nobody can question her action and in the event of her death, all the legal heirs i.e., sons and daughters will the sharing equally the said intestate movable assets/properties.
Stephen
(Querist) 13 January 2014
Dear Kalaiselvan,
Many thanks for the advice and I would take forward your suggestion. However I want to seek further clarification. i.e when we jointly sold the property for 52 laksh, while the registered value was 26 lakh. The 26 lakh belongs to my elder sister as the ground floor was legally held by her as my father has sold in 1991. While the remaining 26 lakh 10 lakh has been retained by my mother and 16 lakh has been equally distributed 4 lakh each to 4 children. Now there is no documentation that all have received 4 lakh. Towards this only my request was as to how we formalize this part through any means of any memorandum etc. If any advice on this would be greatly appreciated.
Thanks
Stephen
