Sale of 20% share of undivided property

Partha Chattopadhyay (Querist) 22 May 2017 This query is : Resolved
1. 4 heirs out of 5 sold out their respective shares (totalling 80%) of an agricultural land and got the conveyance deed registered. 80% of the total area sold had also been mutated in the name of the buyer. Can the 5th heir sell out his remaining share of 20% without any legal complications? Secondly, the consideration money to be received in demand draft is less than Rs 5 lakhs.Whether this money attracts any provisions of income tax?

Follow Query

Report Abuse

Adv. Yogen Kakade (Expert) 23 May 2017
Is it an undivided share in the property?
If yes.. then the names of the other members shall be mentioned as consenting party while executing the final conveyance.
If No.. then no need.
In today's world every money attracts income tax.

Rajendra K Goyal (Expert) 23 May 2017
Repeated query, no reply.

http://www.lawyersclubindia.com/experts/Sale-of-20-share-of-agricultural-land-undivided-property--642101.a

rajeev sharma (Expert) 27 May 2017
Yes you may sell the undivided full share in the land. Whether the purchaser may be able to get the land partitioned depends on the local laws applicable to land. Sale consideration may be any amount agreed between buyer abd seller but for the purpose of computing Income Tax the land will be valued at the sale price or the government rate whichever is higher .

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now