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House Property

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23 January 2009 If the property is in the name of two person i.e Father and son. And at the time of sale of the property, can the cheque be received only in the first name or it has to be propotionate to the purchase price accounted in the books and the capital gain will be worked accordingly.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
23 January 2009 Since the ownership is different for different person cheque has to be paid jointly unless one person had given power of attorney to other person to receive the consideration
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K V Subba Rao

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K V Subba Rao (Expert)
23 January 2009 Receiving one Cheque in the name of either Father or Son or Both is a matter of convenience and understanding between Father and Son

The Buyer should however in his own interest issue two seperate Cheques or obtain written affidavit of the second one for issuing one consolidated Cheque in the name of one only

In any case, for capital gains compuation purpose, their respective shares should be taken into consideration
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