Property Transaction Help
Abhinav Jain
(Querist) 16 October 2015
This query is : Resolved
Hi,
I have a query which I will be very much obliged if answered by experts on this site like many other questions have been. I am a broker and in the middle of an outright transaction.
The house is owned by father and daughter in their names in no specific ratio. They want the buyer to pay the full and final consideration of 42 lacs to just the fathers hdfc bank account.
From the buyers point of view is this OK to do? Will it cause any future claim problems from daughter side? Any problem related IT?
Anirudh
(Expert) 16 October 2015
There should not be any problem, provided in the conveyance Deed, the daughter clearly acknowledges that the consideration of Rs. 42 lakhs being paid includes her full consideration and that the consideration will be divided inter-se between her father and her, and it is not the concern of the buyer.
Since the consideration is less than 50 lakhs, there is no requirement to effect 1% TDS by the buyer.
The problem if any from I.T. angle will arise only if the real consideration is less than the Circle rate, while the stamp duty is paid on the basis of circle rate.
Rajendra K Goyal
(Expert) 16 October 2015
In the sale deed the daughter should acknowledge the receipt of consideration in the account of father under mutual understanding between them.
K.S.Srinivas
(Expert) 20 October 2015
Agreed with the experts Sri Anirudh and Sri Goyal.
