I have an ancestral joint property (4 owners) and all of us are planning to sell the house... My 2 brothers and I have 12.5% each of total share=37.5%.. And my elder brother has 62.5% share....
Now if we sell the property for say 1 crore.. I get 12.5lakhs.... Now if the buyer decides to show a total value of say 30 lakhs to save stamp duty...
So according to papers i get12.5x30% = 3.75 as shown in sale deed... So how do i keep the remaining 8.75 lakhs in bank.... In my account... Thanx in adv
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Money on sale of house property.. urgent!!!
Replies (6)
Inflow in your bank should be only of 3.75 lakh
So this 3.75 must be immediately kept in a cag account or it can be kept in any sb account and be utilize in purchase/ development of property within 1 yr frm the date of sale of property... Thank you again :)
CG a/c does have lot of procedure better to invest it within specified time without keeping it in CG a/c. For the cash part gradually deposit it as your saving or something.
Miss Roshni can you please guide me as to how can i legitimately invest my remaining 8 lakhs... Thank you again miss. :)
Show it as gift from your relative who is senior from your side or your spouse side, or just add gradually in your income over couple of years.
Thanx a lot miss Roshni... Much appreciated.. God bless b:)
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