Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Mathur .V (Architect )     06 May 2013

Sale deed or gift deed

Hi, 

My father' brother bought a property of 406 sq.yds in 1980. My father contributed certain amount for the same. Later on mi father's brother constructed a ground floor on 289 sq.yds. and two portions were constructed on the first floor for which mi father contributed for one portion. Later on there were disputes and mi father agreed upon giving away the first floor portion and the amount he contributed towards buying of land and instead he will take the remaining open land of around 117 sq.yds. In the year 2002 he constructed a duplex in 117 sq.yds with his own money. Unfortunately he passed away in 2008 without making the appropriate deed. Now, finally we decided to make the appropriate deed but I am really confused which deed would be appropriate. A sale deed or a Gift deed. If it is sale deed then several people are talking about long term capital gains. I am not really sure about it and how much I will be charged for the same. Moreover I got a sale deed drafted which does not show the sale considertation amount. The deed narates the above mentioned story and in the end it says that the amount was already paid way back in 1980's.. 

My question is whether to go for sale deed and will I have to pay incometax(Long term capital gains)  if it will be charged then how much will that be. Or do I get a gift deed drafted instead. I am really confused and not many people are giving me an appropriate solution. 



Learning

 0 Replies


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register