Can proprietor sell to son

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 February 2013 Dear Sir,
Can a builder proprietor sell a couple of his flats to his sons? There is already family partition. Is is ok as per hindu succesion laws? will or will not I.T. Dept frown upon this.Can it say that what was the need for proprietor to sell something which after his life was afterall his sons property.

Thanks!

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 February 2013 Will or will not IT department frown upon it, nobody can say. IT department has a history of barking against the wrong door.

Nevertheless, as long as you complete the sale transaction through proper documentation, there should not be an issue.

there are several areas where child and parent enter into commercial transactions which are tax compliant such as paying rent to parents to claim benefit of HRA exemption!

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