Cancellation of gpa
We have executed GPA with local real estate broker during 2008 and we have received the money and the POA got registered on the same day. After 8 years we have received a inquiry from Income tax Authorities about this dealing. We have agreed the money what we received from real estate broker. Also we came to know that the broker executed the sale deed with higher cost with our neighbor land with same practice with POA and amount settlement with the land owner and latter he tries to sell in exorbitant rate.
We have discussed with the Auditor and understood about the legal and Tax complexity into the POA deal and recently we have cancelled the POA in the sub register office and we sent the intimation letter to the broker by registered post with AD.
Can you please advice how we can proceed further.
1. We would like to refund the money what we have received from the broker during 2008.
2. We would like to hold our land and not interested to sell the land anymore
3. All the blood relations to go for the equal share and get it registered with Sub Registrar,