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TAX FOR POWER OF ATTORNEY

(Querist) 30 September 2008 This query is : Resolved 
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?
SHEKHAR MISHRA (Expert) 30 September 2008
Don't worry.It will be a special POA containing the facts of the case.You will not be liable.
ARVIND JAIN (Expert) 30 September 2008
yes mr shekhar is right.
rajesh garg (Expert) 01 October 2008
YA AFTER CALCULATION OF LTCG TAX SHALL BE PAYABLE INDIVIDUALY.
Rasik Dagli (Expert) 01 October 2008
The tax will be payable individually as per share of each one. However better course will be to take seperate cheques for each sharer and it should be incorporated in sale-deed in the paragraph relating to receipt of sale consideration.
Guest (Expert) 03 October 2008
After getting the consideration, distribute it by cheque and take acknowledgement, pay your taxes or advance tax and you will be charged for entire amount.
SANDEEP GOYAL (Expert) 03 October 2008
Mr. Rasik is absolutely correct. This will be a better course for you to take seperate cheques for each sharer and it should be incorporated in your sale-deed.then you will not be liable for complete tax.you will be liable only for your share.so, Don't worry about power of attorney.

SANDEEP K. GOYAL
Advocate
Mumbai.


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