Hi!
We bought a house in Gurgaon in 2003 from the original allottee on Power of Attorney as registration of property was not open. This purchase was done at an amount of Rs. 13.5 lacs. Power of Attorney was registered and stamp duty paid for it.
Now in 2011, society has opened registration of flats and we want to get the property registered in our name. We intend to get the property transfered in original allottee's name first and back to back same day have it transfered to our name.
Current circle rate of the said area is Rs. 3250/- per sqft and our flat is approx 1500 sqft.
Question is: will original allottee have to pay any capital gain? In reality their is no transaction that is going to take place with the allottee for the registration. If so, how much.
Manish Singhal
CAclubindia
