Short version: Can someone sell a property for 1Rs?
My mother purchased a property using POA. Now she wants to transfer it to my name.
This cannot be done using a will or a gift deed as a POA only has right to sell not to give as inheritance. That POA would expire death of attorney holder.
So I'll buy the property from my mother by doing a sale deed and registry in my name. When doing so is there a requirement to show that monetary transaction has happened between the seller and buyer? I ask this because being a young chap starting his career I do not have the kind of money that represents the market value of the property.
Do we need to show a transaction? And if so what is the minimum valid price as per government? Would selling it for 1Rs raise the eyebrows of any authorities?