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KSharma   18 January 2016

Minimum acceptable price for property

Short version: Can someone sell a property for 1Rs?

Long version:

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?



Learning

 3 Replies

jagannath magar   18 January 2016

Your mother can transfer property to you by executing registered gift deed

KSharma   18 January 2016

Originally posted by : jagannath magar
Your mother can transfer property to you by executing registered gift deed

I don't think that is possible. You can only gift what you own. As per law POA does not own the property.

Anil Upadhyay (Lawyer)     18 January 2016

Send the copy of POA, then you will get proper advise.


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