Legal Question in Real Estate Law in India

Respected Sir,

I am housewife & i am selling my home In 55 lac Rs.

my husband is alive & i have two sons.

I am owner of the property & I live in delhi.

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

I have only one property, My questions are :

Q.1 how to divide this property's money in WHITE MONEY

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

in Legal way, please tell me major steps involved.

Q.2 How to take money from buyer in cash or cheque, so that

"BATWARA" can be done in white easily?

Q.3 will i have to pay any TAX as i am doing "BATWARA" on this property?

Thanks!


Asked on 3/31/13, 10:25 pm

3 Answers from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

Most of queries related to taxation. Post in appropriate forum.

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Answered on 4/02/13, 10:06 pm
Jayesh Desai Jayesh Desai

You need to take steps in following order:

1) Partition the existing property in percentage terms between each of the persons;

2) You need to apply for PAN Card - it is not relevant whether you are paying Taz or not;

2) Thereafter when you sell, each person shall be required to execute the deed of conveyance with the buyer, each person to whm you have given a share - take the amount as per the percentage divided by you.

This will minimize tax burden on you, as well as on each of the person who takes a share.

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Answered on 4/05/13, 5:25 am


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