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Murthy   27 March 2021

sale of property acquired by will tax implications

4 sisters acquired a residential flat jointly under a will from their aunt (Fathers sister).If they have to sell it, can they do it jointly,singly with Power of attorney ,within how much time they have to sell and what are the tax implications and how to save tax


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 3 Replies

SHIRISH PAWAR, 7738990900 (Advocate)     27 March 2021

Hello,

Sisters have to jointly signed the agreement and sell the flat to prospective purchasers. They can also execute power of attorney in the name of another person who can sign the agreement on their behalf. However, executing the power of attorney may cost high so sign the documents personally. They can sell the flat as per your wish. They may have to pay income tax for capital gain as per income tax. Once consult with CA about the tax implication. 

Murthy   27 March 2021

thanks
my concern is whether the buyer accepts the single seller with GPA for others since in the will 4 sisters got the share anyway tax implications have yo be dealt with parallel.

manoj   28 March 2021

Respected Advocates,

 

download Telegram APP and join below group. Paste the below link in the Telegram APP and please join the group. Daily we are updating Judgments with Head Notes which is helpful for regular practice. We are ready to provide Judgments in Pending Matters for Advocates / Clients.. 

 

https://t.me/aphighcourtadvocates

 


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