Hello all,
This is my first post and really important one ! So plese help :)
I am buying a flat from NRI. Here are some details
Flat is 15 years old. The flat is on the name of Mr X and Mrs X. Mr X is now in India and he is agreed to sale us flat for the 70 lacks (40 white 30 black. Out of 40 lacks white , 25 lacks will be bank loan -). As Mrs X is not in India, Mr X has got power of attorny which is verified by our lawyer. I have following questions
1)Our lawyer says to make deal safer we will create MOU and Agreement to sale/Assigmnment to sale on same day and will pay 15 lacks by draft and 15 lacks hard cash. Remaingning 25 lack bank loan and 15 lacks cash will be paid on day of final sale deed. Now My question is once we create Agreement to sale does the deal beacomes really safe ? I mean what if the Mr X runs out of India ? Will our money be safe guraded by law ? Will there be still element of risk ?
2)Mr X holds pan card and said he has indian bank account. He says TDS is not applicable with this deal. But from my research it seems like we will have to pay TDS ourself as a source (20 percent for long term gain). So out of 40 lacks white, we will have to pay 8 lack to government and pay remaining 32 lacks to the saler (Mr X). Please provide guidance on this aspect.
Thanks for looking. Waiting for your valuable reply.
