execution of GPA
Querist :
Anonymous
(Querist) 08 June 2011
This query is : Open
my query was that:
my father had purchased through a GPA during april 2004, a landed property in bangalore for Rs.5,95,000/- and the same has been sold during feb, 2011 for Rs.19,00,000. now to avoid capital gains tax he is planning to go for construction of a house(not interested in purchase of a ready house. He does not posess any site for construction. my wife (that means my father's daughter-in-law) has a site and she is ready to transfer/gift 50% of the site to his name for construction by my father.
here for gifting the site, it is understood that, the gift deed should be subjected to stamp duty of 6% of the value which becomes very huge and not afordable by my father. another way out is to gift to me by my wife and inturn me gifting to my father, so that the gift deeds should be subjected to only Rs.1000/- stamp duty+ Rs.500/- regn. fee as learnt from some sources. kindly confirm my view.
secondly, please clarify whether my wife and my father can enter into a joint vernture agreement/joint development agreement so that on the site my wife is posessing, my father can go for construction? if so what are the legal procedure to go for joint development deed?
i was clarified that my wife can gift to me and in turn i gift to my father.
in continuation to my yesterday's query, i would like to know as to whether my wife can directly give a GPA in my father's name, then what will be the stamp duty and other regn. expenses?
also i need suggestion on my second option of joint development/agreement to construct house by my father on the property of my wife, in which case whether my father gets the capital gains exemption? pls clarify.
