CHEENI (SELF EMPLOYED) 04 November 2013
I own an individual house property ion Chennai, which I plan to sell. A builder is willing to buy outright from me but without registering a sale deed. He says he will obtain a Power from me. Kindly advise as to how I will account for the proceeds in my tax returns. This property is eligible for long term capital gains.
BAALASUBRAMANNYAMM (Advocate) 04 November 2013
If you once receives the total sale consideration amount, what ever you want, without registering a sale deed, it is ok for you. But your role should be squeezed as of this day, at as is where is condition. At this movement, you are held responsible for only "Government value" of the said property in either ways. If the Builder willing to go for a Power of Attor0ney, go for "Special Power of Attorney" duly executed on his behalf, staying to sell the property only.
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