Hello everyone, my father is a retired government officer and we have a residential plot in our home town (Aligarh).The land in in my father's name but we have made a power of attorney in my name few years back. Now our plan was to sell that land and buy a residential flat with that money, so in January 2014 we selected one property and signed the agreement with the builder.This flat in in my name (Younger son) and more then 50% of the money has been paid to the builder. Now we have got one buyer for our plot in Aligarh too.
My queries are
1) Although power of attorney of land is in my name but owner is still my father so who will be signing the deed while selling the land my father or me?
2) If my father signs the sale deed how much tax he will have to pay, is there any way to save that, i have asked someone and he said if my father's name is included in the property we are going to buy with that money then he can show this as his investment and save the tax money but that is impossible since we have already signed the agreement with the builder?
3) If in worst case my father had to pay the tax then how can i show that i got money from my father to buy the flat. Do we have to make a gift deed?
Please help ASAP
Regards
Deepak Singh
