Hi ,
Please assist with below query :
My father had given sale cum GPA with possession to A & B. Of total land , A & B sold way few of the plots to others.
Recently , my father and B are expired. Now person A is asking us to sign the supplement agreement that states that legal heirs of person B are eligible to sell the remaining plots.
Please advise :
1) is this GPA still valid as this sale cum GPA and my father already got all the money mentioned ? Who has the rights on the remaining plots now ?
2) Any problem to us if we go and sign the supplement agreement ?
3) Though its mentioned , my father used to say - they gave only half of the money and we gave up following up multiple times. Given this , can we ask the money that we should get ?
4) If we don't sign now - can A take any actions on us like filing complaint etc..
1. It seems that even though your father sold and got the full consideration, he did not execute the Registered Sale Deed in favour of the purchaser.
2. It is not clear whether your father accounted the sale proceeds and paid any Capital Gains Tax on the same.
3. Instead, your father has simply given a sale-cum-GPA in favour of A & B. This way, your father allowed A&B from avoiding the payment of Stamp Duty on the purchase of the plot from your father.
4. With the help of the GPA given by your father, A&B are selling the plots and getting the sale price. As they are operating on the basis of the GPA, it means that they are selling the plot on behalf of your father. That means your father is receiving the money. Your father is liable for any income-tax / capital gain tax payable there on.
5. If you give any further consent, as is being asked by A or B's legal heirs, you will become liable.
6. As it is not simple, but involves tax angle also, you are advised to consult a lawyer well versed in property law + tax law, show the documents, discuss the matter and then take steps.
