Proceeds from sale consideration
Hello Sir,
My NRI maternal uncle had purchased a land in Bangalore in 2004. The land was purchased entirely by his savings. But at the time of registration he included my and my spouse name in the sale agreement. Now he is planning to sell the land. We have already engaged a buyer. The buyer is not agreeing to give the entire payment in uncle's name but insisting that the total sale consideration be splitted across all three of us as the land is in joint name. We (I and my wife) are not interested to take any money from this sale consideration. However, since my uncle is in urgent need of money we have agreed to take our portion of share and then do a bank transfer or make a cheque payment of received amount. Please advice us how to do this transaction as we do not want any tax implication to come to us. We have already received the draft payment deposited it into our respective banks, and wish to do the transfer at earliest, without getting into any short or long term tax issues.
Please advice us
Warm Regards
Mrinalini
Asked 9 years ago in Property Law
Religion: Hindu