It is a complicated issue. I have given money to A. In return A gave an agreement for a land (the land was in name of B and A had registered power of attorney for that land which subsequently expired). I have filed a case for specific performance to execute sale against A and B and court rejected my claim as the agreement was insufficiently stamped (100/-) and B denied executing any power of attorney to A but ordered to recover money with interest from A. Meanwhile i filed a police complaint against A and B under IPC 420 which is under investigation. Now The A and B has accepted to transfer land in my name and settle the issue. Now my issues are as follows:- 1. How B can transfer his land in my name as i have paid money to A? 2. How i can get land registered in my name from B as i have paid money to A in cash? The lawyer told me that you will have to show verifiable bank transaction to B for registered sale deed. 3. Two options have been already suggested:- i. bank transfer to A for sale and receive the same amount in cash which seems bit risky. ii get a gift deed from A which will attract heavy taxes. Is there any other option available?
The land belongs to B. A has taken money from you promising that he will transfer land of which be has a POA. Now A already has cash. You can simply tell A to give the cash amount to B and in lieu of that B transfers the land to you. You can also take back the money from a and give it to b and b shall transfer the property.
Regards
Have you declared giving of cash in your income tax returns?
2) if not ask A to return your cash
3) make payment to A by cheque so that sale deed can be executed by A in your favour on basis of POA executed by B
No all of the above options are only options. Any legitimate method will incur stamp duty and registration. Cash acceptance above 20000 is also an offence under IT Act.
If B is accepted then you can transfer Under section 122 of the Transfer of Property Act, 1882, you can transfer immovable property through a gift deed. Like a sale deed, a gift deed contains details of the property, the transferrer and recipient. But instead of a sale consideration in a sale deed, a gift deed allows you to transfer ownership without any exchange of money.
Execute a MOU through an Advocate.
Dear Client,
B can execute POA in favor of A and A will execute sale deed mentioning, A has received sale amount on behalf of B.
Any amount given in cash and not shown in return, no option, either show it in future returns. OR get the gift deed execute, both sale and gift deed will attract same stamp duty. 5 +1 %.
1. It is the problem of B to do it as they have agreed, you just wait and watch.
2. You can mention A as B's agent to whom the consideration amount was given and B to acknowledge the same.
3. Read the above answer.
1. If an agreement has been reached then irrespective of the fact that B had no liability qua you he is free to transfer the land in your favour. Alternatively, B can first transfer the land to A who can transfer it to you.
2.If B were to execute the sale deed in your favour then it would be a losing equation for you as there can be no sale without consideration.
3. Let B execute a settlement deed in your favour.
