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Money on sale of house property.. urgent!!!

for ebay (72 Points)

01 February 2020

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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6 Replies

Roshni (Studwnt) (1141 Points)
Replied 01 February 2020

Inflow in your bank should be only of 3.75 lakh

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for ebay (72 Points)
Replied 01 February 2020

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 :)

Roshni (Studwnt) (1141 Points)
Replied 01 February 2020

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.

1 Like