Abdul Razzaq (SA) 13 September 2013
Dear Friends;
I wanted to know how can I buy property when my wife is estranged and there are criminal cases going on against me( the typical 498,406 etc etc). Should I buy it in my parents name or sister/ brothers name?
If so how should I transfer the money to them. Should it be in white or black. Pls guide on the taxation aspects also taking into account that my brother/sister, parents should not be hounded by tax authorities.
Your valuable guidance will be appreciated.
Regards
Vallabh Parmar (Advocate) 14 September 2013
If you purchase property in your name then your spouse always can made claim against such property.
How ever if property is in name of brother father mother or sister then your wife has no right to make claim against such property . For this purpose you CAN MAKE A GIFT OF MONEY TO your sister or brother father or mother which tax free under I T Act . and from such money the said person can buy property in their name.
Ms.Nirmala P.Rao (CEO) 18 September 2013
Dear Client,
If you have not committed any crime etc against anyone including your estranged wife if you are only falsely iiplicated in such crimes , then you can make gift of property, whether cash or immovable to any one of your relatives mentioned by you in order to be out of the tax net.
Ms.Nirmala P.Rao
Legal Expert
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