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Queries Participated

R.Rajendran   30 September 2008 at 14:16

TAX FOR POWER OF ATTORNEY

Dear Sir,
We are 4 sons .Our parents are not alive.All the heirs of our family (4 sons) have decided to sell the house belonging to our mother by writing Power of Attorney in my name and then share the money.The house is likely to be sold for Rs. 15 lakhs.Each son will get a share of Rs.3.75 lakhs.Please reply my following queries:
1.Simply because POA is written in my name,
I am afraid I may be subjected to tax for Rs.15 lakhs. Will I be subjected to tax for Rs.15 lakhs?
2.What should I do so that I pay tax only for my share of money?

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R.Rajendran   10 August 2008 at 09:14

RELEASE DEED-Reg.

We are 4 brothers and 5 sisters.Our parents are not alive.We want to sell our old house which is in our mother's name.Our sisters are ready to execute a release-deed after getting Rs 50000 each.
I will be thankful if the following queries are replied:
1)Should the release-deed be written on a stamped paper? If so, what is the value of the stamped paper? The value of the house to be sold is Rs. 17 lakhs.
2)Should the release-deed be registered in the Registrar's Office?

R.Rajendran

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R.Rajendran   09 August 2008 at 11:54

Inherited Property

My mother-in-law has an inherited property(a house worthy of Rs.60 lakhs at Chennai).My father-in law and mother-in-law are more than 70 years old and they are alive.They are living in this house along with their youngest son(married).My in-laws have 3 sons and 3 daughters and all of them are married.I request for the reply for the following queries:
1)Do the daughters have equal right of share of this house-property in case it is sold?
2)Can my mother-in-law write a will allotting more share of amount for her sons and less amount of share for her daughters?
3)Can I now compel my mother-in-law to sell the house and demand her share of money?

R.Rajendran

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R.Rajendran   30 July 2008 at 10:18

Income out of sale of house property.

We,4 brothers, are going to sell a house
property for Rs.15.16 lakhs and my share of this gain will be Rs.3.79 lakhs.
Please clarify the following queries:
1)I am a salaried employee and I have PAN.
Any tax is applicable to me or not?
2)If any tax is applicable, what is the rate of tax?
3)How to avoid payment of tax if it is applicable?

R.Rajendran

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R.Rajendran   30 July 2008 at 09:44

Tax on Fixed Deposit interest for house-wife.

I am a salaried employee and I pay tax every year after availing all the tax benefits. I want to invest in my wife's name Rs.One lakh in FD Scheme of a private Bank for 1 year.If the interest at the time of maturity is Rs 10500, will any tax be applicable as per Income Tax laws?. I feel that tax should not be applicabe since my wife is not working(She is house-wife).
Request for reply from Tax experts.

R.Rajendran

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R.Rajendran   12 June 2008 at 17:20

Share of house property

My mother-in-law has two house properties in her name.One house is at the heart of city (where she is residing along with my father-in-law)and its market value is Rs.40 lakhs.Another house is at suburban town and its market value is Rs.6 lakhs.My mother-in-law got these properties through the will of her mother(who is not alive).
My mother-in-law has 3 sons and 3 daughters and they are all married and settled.I request for legal reply for the following queries:
1. My mother-in-law wants to execute a will giving Rs 40 lakhs worth house property to her 3 sons and Rs 6 lakhs worth house property to her 3 daughters.
Can she write such a will on her inherited properties?
2.Can the daughters claim equal sharing of both the properties along with their brothers and ask their mother to execute the will to that effect?

Rajendran

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R.Rajendran   12 June 2008 at 14:33

POWER OF ATTORNEY FOR SELLING THE HOUSE

I request for your reply for the following queries:
1. Should all the heirs sign in the document of Power of Attorney?



2.Is it necessary to register the document of power of attorney for selling the house?



3.Should all the heirs come once again to the Registrar's Office to sign the Sale-deed document while selling the house?


R.Rajendran


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