The assessee has inherited the property. The title papers of the property are in the name of the Assessee. The assessee has three sisters who now claim their share for which the MOU is signed among the sisters and the assessee. Even the assessee is agreed to share the value of the property with his sisters.
Following are the issues:
1. Even if the property is in the exclusive name of the assessee, is it possible that the agreement to sale can be prepared between (a) Assessee with his sisters and (b) the buyer?
2.Can the consideration of the property be seperately obtained by each co-owner i.e. the Assessee and the each of the sisters seperately?
3. Is assessee alone is taxed for capital gain or can all the members i.e. assessee and three sisters be seperately assessed for tax under Capital Gains?
4.Even if the share certificate and all the title papers of the property are in the name of Assessee, can the sisters be roped in as Party to Contract?
Kindly have your views..
PRASAD
CAclubindia
