kamlanth (sse) 22 January 2013

498a and property in your name

Dear Sir,

My in-laws are planning to file a 498a(no case,fir filed yet) case on me since their daughter was forcibly married to me and now she dont want to live with me. Now they want to make this an oppurtunity to extort money from me.

They are always very much interested in my property and my parents property and wanted to see all the documents very after the marriage, unfortunetly I let her see my property details assuming she is my wife and I should trust her since it would streghten our bond.But now I know what a fool I was.

Now on advicce of my advocate I sold out my house and money is in my bank.The problem is what shoudl I do witht that money since it is again a asset for me.

Note : My parents already disonwed me from their property.

below are some option:

1. Buy new under construction property in name of my parents(i need to transfer money to their a/c)

2. give money to my parent as loan.(how much i can give)

3. buy proeprty to my married sister name.

4. will there be any tax liability on my parents/sister if I transfer money to therir a/c.

Thanks,

Kamal

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3 Replies

Madhu ojha (Orthopedic surgeon) 24 January 2013

IF U have cash money in bank account then transfer the money to the account of yr married sister or one of parents. Now in the books of account u can show this amout as loan without interest. I have transferred all my capital in the account of my married elder sister as my parents have passed away. My wife approached the IT dept and asked for reassesment of my returns of two yrs But the IT authorities gave me clean chit. So u can also transfer amount but U should not show any other borrowings on interest in yr books of account IF U take money on interest how can u give money without interest to ur sister? Then from that money u can do whatever u like operating from the sister's account but in HER name only I think you got solution to ur problem Thanks

kamlanth (sse) 24 January 2013

Dear Sir,

Thanks for replying.

My parents has disowned me as a safe guard against 498A(hope you know abt it).

Can I still trnasfer money to my parents name ?.

I shall close the a/c after ward.

Madhu ojha (Orthopedic surgeon) 25 January 2013

yes even if ur parents have disowned u from property u can give cheque to their account Do u have some other person who is most trust worthy? U can give chq in his name too Then u do business in his name and grow yr capital in his name U dont need to close account U R not doing any thins special for the situation U R doing a normal course of financial transections