Hi, In year 2000, my parents and my uncle along with aunty bought an agricultural land area of 4200 sq yd at approx Rs 24 lacs. Few days after the token payment for it, my uncle told my parents that he is unable to pay at that time and asked my father to pay for his portion and he will pay it back later.
My father paid my uncles portion but land got registered on my uncle, aunty and my mom and dad equally. Few days later when my father asked for the payment, my uncle informed my father that he's unable to pay. The argument started thereafter and after prolonged family discussion, it was decided that my uncle should sell 1600 sq yd land and will keep the rest and for this 1600 sq yd, my father will pay 300 sq yd extra from the purchase price. Along with that my father was asked to transfer his portion of ancestral home to my uncle
An unregistered agreement on a stamp paper was made and signed along with witnesses stating the transfer. My uncle got the portion of home transferred by my father to him registered. But my father didn't get the transferred portion of 1600 sq yd of agri land on his name back then in year 2002.
In registry papers, my uncle still remained the equal owner of the land.
Now in 2013, when property prices have increased so much, my parents felt that they should get that 1600 sq yd portion legally transferred on their name. We approached a lawyer as well as discussed with patwari where everyone is suggesting to get the remaining portion of 1600 sq yd registered on my parents name. The circle rate value of this portion is valued now at 16 lacs. This is making us unclear on whether my father have to actually make a payment of 16lacs in cheque to my uncle or whether this 16 lacs will only be shown as stamp value and no actual payment will be required. only registration charges will be paid. The other question my uncle is asking on whether he has to pay any tax for this transfer.
Please advice
