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Samsamsam1 (asst)     28 February 2011

Sale of Property - Amount Distribution

My mother is the owner of the house. My mother wants to give 75% of sale value to me. And Remaining will keep for her self and other son.. We are selling the house. Now can the purchaser hand over the cheque in my name. So that I can open a Capital gains a/c and save tax and within 2 years i can buy another house.



 3 Replies

Dinkar Vidyarthi (Advocate/ Asst. Manager(Legal))     28 February 2011

Sam,

         You can't get the cheque from the purchase in your name unless and until your mother consent for same to purchase. and if you can get the same in connivance with the purchaser even than in case of any claim in regard to the amount from your mother, you have to proof the consent of your mother. so, either put the same in the draft of sale deed that the amount upto ----- is handed over by the purchaser to my son or take the recourse of subsequently take the amount from your mother.

1 Like

bhagwat patil (Property due diligence 9422773303)     03 March 2011

there r two ways you can sortout the problem 1..deposite the cheque in joint a/c of u nad ur mom ,2... mention your name in sale deed as consenting patry with consideration and take cheque in your name and deposite it your a/c.. for capital gain you may consult your IT consultant or go through net.

1 Like

Samsamsam1 (asst)     03 March 2011

Thanks for ur advice!

 

Can we mentioned in the deed the sale proceed will be Electronically Transfer to specific account(by bank itself) because it will be the same bank(from where the purchaser is taking loan for the house) in which i hold the account also. Or if cheque is given it will be mentioned to be credited in specific account


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