Dear Mr. Querrist
THERE IS A PROVISION TO GET THIS TYPE OF TRANACTION REGISTERED IN THE OFFICE OF THE SUB REGISTRAR OR THE DISTRICT REGISTRAR'S OFFICE WHERE THE PROPERTY IS SITUATED . I HAVE DONE SUCH A REGISTRATION IN THE YEAR 1983 . FOR SELLING YOUR SHARE YOUR BROTHER IS READY TO PAY IN MONTHLY INSTALMENTS AND THEREAFTER HE IS READY TO PAY THE BALANCE AMOUNT IN LUMPSUM . FOR THIS YOU HAVE TO PREPARE A " SALE CUM MORTGAGE DEED ". YOU ARE SELLING YOUR SHARE FOR A PRICE TO YOUR BROTHER AND HE IS NOT PAYING THE ENTIRE AMOUNT NOW , BUT IN A FIXED AMOUNT IN INSTALMENTS EITHER MONTHLY / QUARTERLY / HALF YEARLY OR ANNUALLY . YOU MUST MENTION THE SALE AMOUNT IN THE DEED AND ALSO THE AMOUNT YOU ARE RECEIVING IN INSTALMENTS AND FINAL PAYMENT IN THE SAME SALE DEED AND TILL THAT AMOUNT IS PAID IN FULL THAT PORTION OF YOUR SHARE WILL BE UNDER MORTGAGE TO YOU .EVERYTHING SHOULD BE MENTIONED IN THE SAME SALE CUM MORTGAGE DEED . TILL THE FULL AMOUNT MENTIONED IN THE DEED IS PAID TO YOU YOUR SHARE OF THE PROPERTY WILL BE UNDER MORTGAGE TO YOU . ON FULL PAYMENT YOU OR YOUR LEGAL HEIRS MUST REGISTER A RELEASE DEED FOR YOUR SHARE OF THE PROPERTY .ONLY THEN YOUR BROTHER WILL BECOME THE OWNER OF THE ENTIRE PROPERTY .TILL THEN EVEN IF HE PAYS THE PART AMOUNT HE WILL BE THE OWNER ONLY FOR HIS SHARE OF THE PROPERTY .BUT FOR REGISTRATION YOU HAVE TO PAY THE STAMP DUTY AND REGISTRATION FEES FOR THE ENTIRE AMOUNT MENTIONED IN THE DEED .FOR MORTGAGE YOU HAVE TO PAY SOME ADDITIONAL FEES WHILE REGISTRATION .BUT THE MAIN PROBLEM IN THIS TYPE OF TRANSACTION IS " NOBODY WILL REGISTER THE PROPERTY FOR THE ACTUAL PRICE BUT ONLY FOR THE GUIDELINE VALUE IN THAT SURVEY NUMBER " . IN SUCH A CASE YOU HAVE TO MENTION ONLY GUIDELINE VALUE IN THE SALE CUM MORTGAGE DEED WHICH WILL BE MUCH LESSER THAN THAT OF THE ACTUAL SALE PRICE .YOU MAY RUN THE RISK OF LOOSING YOUR MONEY . IF POSSIBLE AND IF THE REGISTRAR ALLOWS YOU TO REGISTER FOR THE ACTUAL SALE PRICE , THEN YOU DO IT . IT IS SAFE FOR YOU AS WELL AS FOR YOUR LEGAL HEIRS IN FUTURE .BUT IF YOU REGISTER IT FOR THE ACTUAL SALE PRICE , THEN THE PRICE IN THAT SURVEY NUMBER WILL SHOOT UP . SO THE REGISTRAR MAY NOT ALLOW YOU . SOMEHOW YOU MAY HAVE TO SATISFY HIM TO REGISTER THE DOCUMENT FOR THE ACTUAL SALE PRICE .
THE NEXT THING IS THAT YOU HAVE TO PAY THE " CAPITAL GAINS TAX " FOR THE FULL SALE VALUE .OR YOU MAY HAVE TO INVEST THAT TAX AMOUNT IN GOVERNMENT BONDS FOR A LOCK IN PERIOD OF FIVE YEARS TO AVOID CAPITAL GAINS TAX .FOR INCOME TAX PURPOSES YOU MAY SHOW THE ACTUAL AMOUNT RECEIVED BY YOU IN THAT FINANCIAL YEAR AS INCOME ON PROPERTY AND UNDER SEPARATE SECTION YOU HAVE TO SHOW THE AMOUNT INVESTED IN GOVERNMENT BONDS FOR CAPITAL GAINS TAX. FROM THE NEXT FINANCIAL YEAR YOU CAN SHOW ONLY THE AMOUNT RECEIVED ONLY FOR THAT FINANCIAL YEAR . THIS IS THE ONLY WAY TO REDUCE THE TAX BURDEN ON YOU .WHATEVER AMOUNT YOU RECEIVE , YOU MUST RECEIVE BY DEMAND DRAFTS ONLY .NOW A DAYS YOU CANNOT DEPOSIT CASH ABOVE RS.50,000/- IN ANY BANK . EVEN IF YOU DEPOSIT LESSER AMOUNT IN 20 BANKS EVERYTHING WILL GO TO THE MAIN COMPUTER MAINTAINED AT DELHI . EVEN BENAMI ACCOUNTS ARE IMPOSSIBLE TO OPEN IN BANKS NOW A DAYS BECAUSE CERTAIN DOCUMENTS ARE NECESSARY TO OPEN ACCOUNTS IN BANKS .IF YOU ARE CAUGHT YOU HAVE TO PAY A HEAVY PENALTY BESIDES CONVICTION . SO PAY THE TAX AS APPLICABLE AND RELAX . I HOPE I HAVE GIVEN THE REQUIRED DETAILS FOR YOU . - JOSEPH WILFRED - 15/03/2013 AT 00.00 HRS.
