Property related questions
sumitra
(Querist) 03 March 2013
This query is : Resolved
Respected Sir,
I am housewife & i want to sell my home worth 60 lac Rs.
my husband is alive & i have two sons & one daughter.
I am owner of the property & this home is on Power of Attoreney.
it does not have registry. I live in delhi.
I dont have PAN CARD & i dont file any ITR.
I have only one property, My questions are :
Q.1 Can i divide this property's money ( after selling the home) in 3 parts
1. MY PART 2. MY ELDER SON 3. MY YOUNGER SON
By way of PARTITION DEED "BATWARA" or any other Legal way, as me & my husband are alive?
Q.2 If i sale my Property will i have to pay LTCG TAX as this property is 10 Yrs. old
coz, property transactions more than 30 lac Rs. reported to IT Department, but i am also
doing "BATWARA" on this property's money (after selling the Property).
Q.3 Should i take 50% Cash & 50% Cheque when selling the property worth 60 lac Rs.
Please advice me legally on all above 3 questions
Thanks!
Devajyoti Barman
(Expert) 03 March 2013
If you gift the sale proceeds to your legal heirs then they would attract capital gain tax , not you.
prabhakar singh
(Expert) 03 March 2013
When you hold it on a power of attorney without any registered sale deed ,how can you sale it at all is the first question I would like to understand before considering any tax implications.?
I say so because you stated that:
:"I am owner of the property & this home is on Power of Attorney.
it does not have registry."
Rajeev Kumar
(Expert) 03 March 2013
Without registered POA how you can sell the property is the prime question as you. have stated in your query
