Purchase of land through mou


Sir,

        We the Central Govt Employeesin Bangalore  intend to purchase the residential sites through Group scheme, we donot have a registered  society.   If we purchase through developer the cost  is too much. Hence we want to purchase land and distribute it amongst us as sites on no loss no profit basis . We have formed a committee to deal the puchase.

    Please answer the following questions.

a) Can the committee purchase the land in its name  and distribute to all members through MOU.

b) Is there any problems like Income tax capital gains.

c) what is the procedurer for purchase of land by commitee members and distibution as residentail sites.

Regards

Prasad

 

 

 
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Sr. Legal Manager

Hi Prasad,

First register the society, then purchase the land in the name of society and then execute a sale deed tothe beneficiaries through registered sale deed (MOU will not work)  

 

-M A

 
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