Legal Question in Real Estate Law in India

Respected Sir,

I am housewife & i want to sell my home worth 60 lac Rs.

my husband is alive & i have two sons & one daughter.

I am owner of the property & this home is on Power of Attoreney.

it does not have registry. I live in delhi.

I dont have PAN CARD & i dont file any ITR.

I have only one property, My questions are :

Q.1 Can i divide this property's money ( after selling the home) in 3 parts

1. MY PART 2. MY ELDER SON 3. MY YOUNGER SON

By way of PARTITION DEED "BATWARA" or any other Legal way, as me & my husband are alive?

Q.2 If i sale my Property will i have to pay LTCG TAX as this property is 10 Yrs. old

coz, property transactions more than 30 lac Rs. reported to IT Department, but i am also

doing "BATWARA" on this property's money (after selling the Property).

Q.3 Should i take 50% Cash & 50% Cheque when selling the property worth 60 lac Rs.

Please advice me legally on all above 3 questions

Thanks!


Asked on 3/02/13, 11:14 pm

5 Answers from Attorneys
Setu Niket Curare Legal

1. Yes, money distribution requires no deed. You can simply distribute money in a manner you deem fit.

2.sale of property attracts ltcg, you can reduce indexed value of cost of acquisition, expenses incurred in maintaining the property from the sale amount to arrive at income taxable with ltcg. Distribution After sale Will not prevent ltcg incidence.

3. No comments.

Kind regards

Setu Niket

Advocate

Curare Legal

+91-9873109672

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Answered on 3/03/13, 12:02 am
uttam Tibrewal

dear client...

Since you are just the POA ... you can divide the property as per your choice... and yes you can receive the money 50% as cash and 50% as cheque....but regarding LTCg need to go through the POA whats written there then only better advice can be made... mail me ur poa at [email protected]

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Answered on 3/04/13, 12:50 am
Jayesh Desai Jayesh Desai

As you are simply a Power of Attorney holder - you do not own the property, and therefore you cannot sell the same. First get yourself conveyance (i.e. legal title), then you can do all - what you desire.

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Answered on 3/05/13, 10:07 pm
Shrichand Nahar S.V.Nahar, Advocate

You may divide.

There will be tax on sale of property.

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Answered on 10/06/13, 11:26 pm


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