I have a query regarding my plot outside Maharashtra:
I desire to sell my NA plot, transferred to my name in 1993 with estimated value of the sale proceed would be about Rs 65 lakhs (agreement Value)
Kindly advise me the following:-
1)Buyer of the plot wants the transaction to be done without stamp duty and proceed with the registration of power of attorney to his name, since buyer is going to construct multiple house on the plot, he would only be doing stamp duty as and when constructed property get sold to his customers. So buyer wants to avoid dual stamp duty charges, as most of the developers do.
My concern is, if I sell it to him with only registering the power of attorney to his name and not doing stamp duty, will I sit under a different tax bracket/ tax liability or will it be termed as an usual transaction (when stamp duty and registration both is done) or it will attract different taxation procedure.
Will it be a Benami transaction and attract any legal implication? what can be done in this case , where both parties are content with the transaction and no legal formalities are evaded/broken?
2) If I purchase Capital Gain Bonds for 50 Lacs in this financial year i.e. 2016-17 and balance in next financial year 2016-17, will I get tax exemption for entire amount of investment in capital gain bond? Or will I have to invest whole amount in one financial year?
3) If I purchase a resident house jointly with my son with 50% contribution of mine and rest 50% of his, will i be eligible for a long term capital gain exemption benefit for my part of the money invested in the purchase? Or do I need to have sole investement in house with my ownership only?
CAclubindia
