Hi,
My brother in law ( Govt Servant ) had sold his residential property of Navi Mumbai, Maharashtra for Rs. 29 lakhs agreement value, Actual he has recd Rs.28 lakhs by cheque from purchaser ( downpayment from purchaser's account and balance in term of housing loan).
suppose, he want to invest the same in residential house property by way of purchase in name of his brother i.e. my husband and me jointly. New purchase value is Rs 26 lakhs paid Rs. 21 lakhs frm brother in law's account and Rs.5 lakhs from me and my husband's joint account. The new flat is in buidling build up by CIDCO
Then, 1. Is my brother in law is allowed to do so in regards to IT Acts ?
2. If yes what are the consequencies in future connected to IT laibilty, ownership, stampduty, registration, society act?
If he has to purchase new residential property in his name , can he put his brothers's name as fisrt owner of the property and his name as 2nd on purchase agreement or can he put my name as first owner and his 2nd thereafter by way of gifting his share of property to his brother that menas ultimately the owners of the flats will be me and my husband ? or suggest the solutions
