Builder collaboration
kunal
(Querist) 26 April 2013
This query is : Resolved
sir in the case of builder collaboration. owner wants to transfer undivided share in land to the builder on the date of execution of GPA which is after completion of Building, not on the date of execution of development agreement to save Capital Gain Tax Liability.(as asset transferred becomes Long term,if right transferred on the date of execution of GPA)
for that he inserted one clause in collaboration agreement which is produced as under
"That till the time the first sale deed is executed for undivided share in land and roof (built up area) for the builder’s share, the builder shall only be a licensee on the scheduled property and it shall not get any ownership rights over the scheduled property. It is also clearly understood that permitting the Second Party to enter upon the scheduled property and construct the building shall not be construed as delivery of possession in part performance of the contract as understood under the provisions of Section 53A of the Transfer of Property Act or under the provisions of The Income Tax Act.’"
sir please tell is it valid?
can GPA be termed as sale deed?
what language should be used in place of word "first sale deed" as builder want to sell his share to a prospective buyer through GPA.(basically to avoid stamp duty charges)
Can we replace the word "first sale deed" with GPA.
i'm enclosing herewith a draft of collaboration agreement. please advice, if there is any modification..
ajay sethi
(Expert) 26 April 2013
owner can afford legal fees . contact a local lawyer
R.K Nanda
(Expert) 26 April 2013
consult local lawyer.
Raj Kumar Makkad
(Expert) 26 April 2013
Hire the services of the local lawyers for this purpose.
kunal
(Querist) 27 April 2013
experts i need your views.. that's why i'm here
ajay sethi
(Expert) 27 April 2013
the reason why we dont reply to such queries is that you can afford legal fees . you are owner of plot entering into collaboration agreeemnt with builder . you will be earning in crores why should you get free advise?
prabhakar singh
(Expert) 27 April 2013
And apart from that it is always risky for your own legal heath to take dozes of branded medicines without personal consultation of a doctor.
Understand the limitations of this site.Only guidance and not personal services can be rendered here.
