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Ramesh Sharma (Medical)     13 July 2023

Property sold to wife via power of attorney

I purchased a home via power of attorney in 1988 and now in 2023 I did a sale deed on my wife's name of that property, 

What are the tax implications on me of this thing


 4 Replies

Real Soul.... (LEGAL)     13 July 2023

It was better to execute a gift deed instead of sale deed. Anyways now you will pay the tax for the sale amount .

Ramesh Sharma (Medical)     13 July 2023

So I am a general power of attorney holder, will the tax liability comes on me ?

And if yes so what I can do purchase any other property of same amount?

Real Soul.... (LEGAL)     13 July 2023

You have mentioned in sale  deed that you received a consideration sum for sale of property and for that amount you have to pay tax.

If you want to show investment as capital gain then better you consult some tax consultant he will advise you better.

P. Venu (Advocate)     13 July 2023

The facts posted lack clarity. What do you mean by "I purchased a home via power of attorney in 1988"? 


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