LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

PRERNA SHARMA (JOB)     10 February 2018

Transfer of property

CAN A PERSON SELL HIS PROPERTY AND RECIEVE PAYMENT IN ANY OTHER FAMILY MEMBERS  BANK ACCOUNT ??



Learning

 8 Replies

Adv. Satyendra kumar chauhan (advocate)     10 February 2018

There is no problem but this detail of money transfer should be included in conveyance deed.

R.K Nanda (Advocate)     10 February 2018

yes, he can do it.

R.Ramachandran (Advocate)     10 February 2018

First remove the Insignia of the Indian Government from your DP.  You are not authorised to use it.

Please indicate the purposel for which you desire the sale consideration to be deposited in another person's bank account instead of the seller's bank account.

Without knowing the reason, it will not be advisable for me to answer your query.

1 Like

PRERNA SHARMA (JOB)     10 February 2018

Dear sir i will surely remove the national emebelem by your advice .... Any how i am not in any manner related to the government of india... And the reason why the seller wants to directly recieve the consideration in the family members account as he owes the money to him.... Can now he recieve the money in another person acount????

PRERNA SHARMA (JOB)     10 February 2018

Dear sir i will surely remove the national emebelem by your advice .... Any how i am not in any manner related to the government of india... And the reason why the seller wants to directly recieve the consideration in the family members account as he owes the money to him.... Can now he recieve the money in another person acount????

TGK REDDI   10 February 2018

I agree with Shri Satyendra Kumar Chauhan.

R.Ramachandran (Advocate)     11 February 2018

It will be advisable for you to make the payment only to the Seller.  Let the Seller repay the amount separately to the person (his relative) to whom he owes the amount.  Is it your responsibility tto ensure that he pays the amount to the person to whom he owes the amont?   (Think, what will happen if he says that you have not made the payment to him and then takes you to court for cancellation of the Sale Deed on this ground?)  Why invite trouble, which you can definitely avoid?

Further, if the sale consideration is Rs. 50 lakhs and above, you are required to deduct 1% TDS.  If you make the payment to the relative's account directly, how will you do the TDS?  All these things will only complicate the matter.  I WILL AVOID SUCH TROUBLES.

PRERNA SHARMA (JOB)     11 February 2018

ACTUALLYTHE TRANSACTION AMOUNT IS LESS THAN 50 LAKHS AND THE PERSON SELLING THE PROPERTY WANTS THE AMOUNT TO BE RECIEVED IN HIS SON ACCOUNT AS THE SON OWES HIS FATHER MONEY AND FOR MAINTAINING  PEACE IN FAMILY HE WANTS TO DIRECTLY RECIEVE THE AMOUNT IN SON ACCOUNT ..... 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Post a Suggestion for LCI Team
Post a Legal Query