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income tax


What are the tax liabilities, if I have a 20 year old POA and now I am going to registered the property to my wife’s name.

 
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Founder and Director of Holistic Investment Planners (P) Ltd. a financial planning nd wealth mgt company. An M.B.A. graduate nd CFP certified professional having 11 years of experience in investment advisory.

 

 

With proper tax planning you can reduce your tax liability; save more; invest better and become wealthier.

 

http://holisticinvestment.in/plan-your-taxes

 

Regards

Ramalingam K, MBA, CFP,

Director and Chief Financial Planner,

Holistic Investment Planners

“Best Performing Financial Advisor Award” Winners from CNBC TV18

www.holisticinvestment.in

 

 
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Hi Raj,

 

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ADVOCATE

Your Query: What are the tax liabilities, if I have a 20 year old POA and now I am going to registered the property to my wife’s name.

Reply: For a firm reply to the query, the texts of the PoA and the proposed sale deed, have to be seen.

However, presuming,

1. the PoA does not state that you paid any money/price for being given the PoA,  and

2. Your wife, the buyer, is going to be shown in the proposed sale deed  as now paying the price either directly  to the original owner of the property or  to yourself as the owner's  PoA -

i. the original owner has Capital Gains tax liability;

ii. Your wife will have to explain her source for the amount you propose to  show as the Sale Price.

 
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