Transfer of property
This query is : Resolved
20 May 2019
Hello sir,
I have a query regarding transfer of properties
I have a client who deals in construction activities. Can he transfer/sale a property on which he has made the flats, he has not the ownership of the property, property is in the name of third party. Can he make the agreement with third party for transfer of property. What is the implication under Income Tax/ GST. whether it is possible to transfer the property which in in the name of other but he has made the construction.
I have a query regarding transfer of properties
I have a client who deals in construction activities. Can he transfer/sale a property on which he has made the flats, he has not the ownership of the property, property is in the name of third party. Can he make the agreement with third party for transfer of property. What is the implication under Income Tax/ GST. whether it is possible to transfer the property which in in the name of other but he has made the construction.
20 May 2019
He can't transfer undivided share of land in the name of other person. He can obtain power of attorney and transfer the land. GST applicable on sale of flats. Capital gains tax applicable on land owner.
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20 May 2019
Sir Thank you for your reply.
Please confirm the capital gain will be applicable on entering Power of attorney or at the time of receiving the payment i.e sale of flats after construction. and whether Power of attorney is needed to be registered to the registrar of Property.
Please confirm the capital gain will be applicable on entering Power of attorney or at the time of receiving the payment i.e sale of flats after construction. and whether Power of attorney is needed to be registered to the registrar of Property.
21 May 2019
Capital gain arise at the time of sale of flats. Power of attorney need to be registered.
21 May 2019
Capital gain arise at the time of sale of flats. Power of attorney need to be registered.
25 May 2019
THANK U SIR FOR YOUR VALUABLE COMMENT
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