ITS PROPERTY -STAMP ACT-TAXATION-STATUS OF NRI
Querist :
Anonymous
(Querist) 07 May 2011
This query is : Open
I HAVE A DOUBT IN MIND N I NEED UR HELP TO SORT IT OUT ENHANCE MY KNOWLEDGE OF LAW AS I M A LAW STUDENT.
'A'-'B'-'C' ARE PARTNER IN A FIRM
(a)B & C ARE HUSBAND N WIFE
(b)A IS A NRI
'B' WANTS TO RETIRE. N ACTIONS THERE SHARE OF PROPERTY OF THE FIRM.
A's MOM LANDS MONEY TO SUM FAMILY MEMBER 'X' AS LOAN/GIFT OUT OF MONEY THAT SHE HAS RECIEVED FROM SUM NRI,
THAN 'X' BUYS THAT AUCTION PROPERTY FOR HIMSELF.
IF A's MOM GIVES MONEY AS LOAN SHE DECIDES NOT TO TAKE ANY INTEREST AS 'X' IS A FAMILY MEMBER.
AFTER A 1YEAR 'X' PAYS BACK THE LOAN TO A's MOM.
AND MEANWHILE AFTER REPAYING SELLS THE PROPERTY TO SUMOTHER FIRM IN WHICH A's MOM IS PARTNER.
QUESTION::
1)IS IT LEGAL?
2)IF NOT UNDER THE PREVIEW OF WHICH ACT DOES THIS FALL?
3)CAN 'X'SELL PROPERTY TO FIRM IN WHICH A'S MOM IS PARTNER COZ SHE HAD GIVEN HIM LOAN/GIFT?
4)THIS FIRM IS THE SAME ACTIONED FIRM IN WHICH A'S SON 'A' IS A PARTNER,SO HOW DOES IT AFFECT 'A'?
5)DO LATEST PROVISION OF STAMP DUTY ACT,IT ACT ARE TAKEN CARE OFF?
6)AND LATER WHAT IF A's MOM WISHES TO TRANSFER THE SAME PROPERTY TO 'A' IN LATER YEARS,CAN A TAKE THAT ? BEING N NRI LATER CAN HE MAKE IT A PRIVATE LIMITED FIRM IN INDIA?
PLZ HELP ME SOLVED THIS CASE STUDY.
