13 May 2009
There was the property of land owned by my grand father(HIG Flat)who died,then there were his 4 legal hires including my father who also died and we are his 4 legal hires including a daughter (my sister) who is married (apart from my mother).we all(including we 4 after our father's death & the other 2 hires of grandfather) transfered our property rights in favour of our aunt so that she can sell our property after conversion into freehold.After selling she says that if we need to buy our house from that money we need to make her co-owner otherwise we will have to pay the tax of 20% on that money(incase she is not the co-owner).pls guide us what to do?we need a urgent help!Incase we don't want to pay 20% tax on our own money & buy a house from that money, is it necessary to make my aunt co-owner if we don't wish to, as she is unmarried?plsssssssssssss help!!
13 May 2009
You have transferred only the rights and the property itself is not transferred. Its not necessary to make your aunt the co-owner of the house.
CAclubindia
